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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Describe the structure of a worksheet and the accounting information it contains.lo1
Describe the procedure by which the adjusting entry for income taxes expense is determined and entered on the worksheet.lo1
List the steps in the accounting cycle in the order in which they occur assuming that a worksheet is employed.lo1
INTERPRETING CLOSING ENTRIES. Barnes Building Systems made the fol- lowing closing entries at the end of a recent year:lolREQUIRED:1. What was Barnes’ net income?2. By how much did Barnes’
INTERNAL CONTROLS FOR PURCHASES AND PAYABLES. Campus Supply Store purchases merchandise on credit from a large number of suppliers. During the past 5 years, Campus’ annual sales have grown from
INTERNAL CONTROLS FOR DAMAGED MERCHANDISE. The Warehouse Store sells merchandise to retail customers, using a catalog and a showroom. The firm has a policy that merchandise that has been damaged is
PREVENTING MISSTATEMENTS IN THE FINANCIAL STATEMENTS. Nutech Company provides data processing services for small and medium-size businesses. The president of Nutech has a compensation agreement that
INTERNAL CONTROLS FOR COLLECTION OF RECEIVABLES. Carolyn Furniture Galleries sells traditional furniture from two stores in St. Louis. Carolyn’s credit terms allow customers to pay for purchases
RESOLVING AN ETHICAL DILEMMA. Suppose that you have just been hired as a part-time clerk in a large department store. Each week you work 3 evenings and all day Saturday. Without the income provided
INFERENCES FROM CLOSING ENTRIES. At the end of 19x6, Grand Rapids Consulting, Inc., made the following entries to close all revenue and expense accounts to the income summary account: lolGrand Rapids
EFFECT OF CLOSING ENTRIES. Davis Transport has the following summary data for 19x7: lolREQUIRED:1. Prepare the entries to close income summary and dividends into retained earnings.2. How is retained
PREPARATION OF CLOSING ENTRIES. James and Susan Morley recently converted a large turn-of-the-century house into a hotel and incorporated the business as Saginaw Enterprises. Their accountant is
PREPARATION OF CLOSING ENTRIES. Thomas Beauty Supply has the following accounts and balances at year-end:lolREQUIRED:Prepare the journal entries to close the revenue and expense accounts into income
PREPARATION OF CLOSING ENTRIES AND AN {INCOME STATEMENT. Port Austin Boat Sales and Service, Inc., has entered and posted its adjusting entries for 19x8. The following are the adjusted account
INTERNAL CONTROL PROCEDURES FOR WAGES. Shortridge Construction Company resurfaces roads in all parts of Illinois. For each resurfacing job, Shortridge assigns one of its supervisors and several of
CLASSIFYING INTERNAL CONTROL PROCEDURES. Match each of the control procedures listed below with the most closely related control procedure type. Your answer should pair each of the numbers 1 through
ERROR CORRECTION. The accountant for Merchant’s Supply Company discovered that a $6,000 payment on an account payable was recorded earlier this year with the following journal entry: lol Notes
FINANCIAL STATEMENT EFFECTS OF ERRORS AND ERROR CORRECTION.On December 20, 19x2, Goddard Plumbing paid ITT-Hartford $3,500 for a 6-month insurance policy for its five trucks. The policy begins
USING A COMPLETED WORKSHEET. The worksheet on the next page was completed for Potter Corporation at December 31, 19x7. lol REQUIRED:. Prepare the adjusting entries made at the end of 19x’7..
PREPARING A W/ORKSHEET. The following adjusted account balances columns have been prepared in a worksheet for Joe’s Hairstyles at the end of 19x2: lolREQUIRED:Complete the remaining six columns of
PREPARATION OF A WORKSHEET. Unadjusted account balances at December 31, 19x2, for Rapisarda Company are: lolThe following data are not yet recorded:a) Depreciation on equipment. Expected life is 8
PREPARATION OF CLOSING ENTRIES. Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year-end 19x2, after adjusting entries have been made, the following list of
REVIEWING THE ACCOUNTING CYCLE. Tarkington Wholesalers sells merchandise to retail grocery stores in the Northeast. At the end of 19x2, the following unadjusted account balances were available:
REVIEWING THE ACCOUNTING CYCLE. Wilburton Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The postclosing account balances for 19x2 were: lolDuring 19x38
STATEMENT OF CASH FLOWS. Use Problem 5-36’s data and solution to prepare a 19x3 statement of cash flows for Wilburton Riding Stables. lol
MONTHLY FINANCIAL STATEMENTS. Wilmington Consulting Services, Inc., prepares monthly financial statements. The adjusted account balances at the end of January 19x2 and February 19x2 are as follows:
INTERNAL CONTROL PROCEDURES FOR INVENTORY AND COST OF GOODS SOLD. Safeway’s Los Altos, California, grocery store has two soft-drink machines, one inside and another outside, that produce
INTERNAL CONTROL PROCEDURES FOR CASH RECEIPTS. Corey and Dee Post are planning to open and operate a 24-hour convenience store near a university campus. Corey and Dee are concerned that part of the
CORRECTING ENTRIES AND SELF-CORRECTING ERRORS. Traverse City Properties purchased a 1-year insurance policy from Nationwide Insurance $18,000 on June 1, 19x3, with coverage beginning on the date of
FINANCIAL STATEMENT EFFECTS OF ERRORS AND ERROR CORRECTION.The accountant for Merchant’s Supply Company discovered that a $2,700 purchase of office supplies on credit from Office Depot, made in
FINANCIAL STATEMENT EFFECTS OF ERRORS AND ERROR CORRECTION.Near the end of 19x4, the president of Thurber Products asked for a $20,000 advance on his 19x5 salary. The board of directors agreed to the
THE WORKSHEET, FINANCIAL STATEMENTS, AND CLOSING ENTRIES. Marsteller Properties, Inc., owns apartments that it rents to university students. At December 31, 19x7, the following unadjusted account
THE WORKSHEET, FINANCIAL STATEMENTS, AND CLOSING ENTRIES. Flint, Inc., operates a cable television system. At December 31, 19x4, the following unadjusted account balances were available: lolThe
Provide two examples of transactions that begin and end at a point in time and two examples of long or continuous transactions.
Why are adjustments needed?
Describe the recording of transactions that occur at a point in time and of long or continuous transactions by referring to summary entries and adjusting entries.
What accounting concepts require ‘that adjustments be employed?
For each of the four categories of adjustments, describe the business activity that produces circumstances requiring adjustment.
How is the amount for a depreciation expense adjustment determined?
Describe the effect on the financial statements when an adjustment is pre- pared that records (a) unrecorded revenue and (6) unrecorded expense.
On the basis of what you have learned about adjustments, why do you think that adjustments are made on the last day of the accounting period rather than at several earlier times during the accounting
Why are interest and depreciation especially significant expense items for some businesses?
IDENTIFICATION AND CLASSIFICATION OF ADJUSTMENTS. Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following
THE EFFECT OF ESTIMATES OF LIFE AND RESIDUAL VALUE ON DEPRECIATION EXPENSE. Hattiesburg Manufacturing purchased a new computer-integrated system to manufacture a group of fabricated metal and plastic
CONTINUOUS TRANSACTIONS AND ADJUSTMENTS. Medina Motors is preparing adjustments for the year ended December 31, 19x7. The following items describe Medina’s continuous transactions during 19x7:a)
RECORDING PREPAYMENTS AND ADVANCE COLLECTIONS IN INCOME STATEMENT ACCOUNTS. In the chapter all prepayments and advance collections were put into balance sheet accounts. Some businesses put
ADJUSTMENTS FOR REFUND COUPONS. Cal-Lite Products, Inc., manufac- tures a line of food products that appeals to persons interested in weight loss. To stimulate sales, Cal-Lite includes cash refund
ADJUSTMENTS FOR MOTION PICTURE REVENUES. Link Pictures, Inc., sells(licenses) the rights to exhibit motion pictures to theaters. Under the sales contract, the theater promises to pay a license fee
THE EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS (A CONCEPTUAL APPROACH). Don Berthrong, the manager of the local Waldenbooks, is wondering whether adjustments will affect his financial
REVENUE ADJUSTMENTS. Powers Building Services has the following items that require adjustment at year-end:a) Cleaning service revenue of $6,920 is unrecorded.b) For one cleaning contract, $14,000
REVENUE ADJUSTMENTS. Sentry Transport, Inc., of Atlanta provides intown parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during
EXPENSE ADJUSTMENTS. Olney Company has the following items that require adjustment at year-end:a) Wage expense of $3,180 is unrecorded and unpaid.b) Cash for equipment rental in the amount of $4,200
EXPENSE ADJUSTMENTS. Faraday Electronic Service repairs stereos and VCRs. During a recent year, Faraday engaged in the following activities:a) On September 1, Faraday paid Wausau Insurance $1,860 to
ADJUSTMENT FOR SUPPLIES EXPENSE. The downtown Chicago Nieman Marcus store purchases large quantities of supplies, including plastic garment bags and paper bags and boxes. At December 31, 19x5, the
DETERMINATION OF REVENUE AND EXPENSE AMOUNTS. Allentown Services, Inc., is preparing adjustments for the year ending December 31, 19x4. The following data are available:Interest is owed at December
DETERMINATION OF REVENUE AND EXPENSE AMOUNTS. Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of
EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS. VanBrush erprises, a painting contractor, prepared the following adjusting entries at year- end:REQUIRED:Prepare tables that show the effects of
FINANCIAL STATEMENT EFFECTS OF ADJUSTING ENTRIES. When adjusting entries were prepared at the end of 19x2, the accountant did not make adjustments for (1) $2,900 of wages that had been earned but
DEPRECIATION. Lagarde Company has the following data for its depreciable assets:REQUIRED:1. Compute depreciation expense for 1 full year’s use of each of the assets.2. What are the accumulated
DEPRECIATION EXPENSE. Complete Transportation rents automobiles, vans,\trucks; and limousines. The following data are available for a portion of Complete’s rental fleet at December 31,
INTEREST-BEARING NOTE PAYABLE. Shubert Theater Productions borrowed$2.4 million from NBD Bank on a 1-year, 8% note. The loan was effective on August 1, 19x7, and is to be repaid July 31,
PREPAYMENTS, COLLECTIONS IN ADVANCE, AND ADJUSTMENTS. Greensboro Properties, Inc., owns a building in which it leases office space to small businesses and professionals. During 19x6 Greensboro
PREPAYMENT OF EXPENSES. JDM, Inc., made the following prepayments for expense items during 19x8:a) Prepaid building rent for 1 year on April 1. JDM paid $6,300, debiting prepaid rent‘for the amount
EFFECTS OF ADJUSTMENTS ON THE BALANCE SHEET EQUATION. Four adjusting entries are shown below:REQUIRED:Analyze the adjusting entries and use plus/minus signs and amounts to indicate their effects on
PREPARATION OF ADJUSTMENTS. Bartow Photographic Services takes wedding and graduation photographs. At December 31, the end of Bartow’s accounting period, the following information is available:5a)
PREPARATION OF ADJUSTMENTS. West Beach Resort operates a resort complex that specializes in hosting small business and professional meetings. West Beach closes its fiscal year on January 31, a time
PREPARATION OF ADJUSTMENTS. Libby Kueppers operates a large day-care center in South Orange, New Jersey. The day-care center serves several nearby busi-nesses, as well as a number of individual
THE EFFECT OF ADJUSTMENTS ON THE FINANCIAL STATEMENTS. John Day, owner of several rental properties, has prepared his 19x8 financial statements.They are summarized as follows:Your examination of the
ADJUSTMENTS AND THE INCOME STATEMENT. Garrett Products’ accountant prepared the following income statement for 19x2:After reviewing the accounting records, the accountant noticed that the following
REVENUES, CASH FLOWS, AND ADJUSTMENTS. Sack’s Business Supply rents office copiers to small businesses. Some customers prepay their rentals, while others are billed by Sack’s periodically for
PREPAYMENTS FOR EXPENSES WITH BEGINNING BALANCES. Bakersfield Products had the following balances in its prepaid rent and prepaid insurance accounts at January 1, 19x2:Prepaid rent ...........
ADVANCE COLLECTIONS FOR REVENUES WITH BEGINNING BALANCES.Popovich Enterprises rents small refrigerators to students for their rooms. Popovich’s contracts are for 10 months at $5 per month (or $50
ADVANCE COLLECTIONS RECORDED IN BALANCE SHEET ACCOUNTS.Intercity Transportation rents buses to community groups for single- and multiple-day trips. Some groups pay in advance for these trips and some
CASH FLOWS, REVENUES, AND EXPENSES. Sycamore Laundry and Dry Cleaners had the following account balances at the end of 19x8 and 19x9:REQUIRED:Determine the amount of cleaning solvent expense, garment
INTEREST PAYMENTS, INTEREST EXPENSE, AND ADJUSTMENTS. Payette Farms, Inc., borrows small amounts of cash from local banks to purchase fertilizer and other supplies at times when prices are lowest. On
INTEREST REVENUE, COLLECTIONS OF CASH FOR INTEREST, AND ADJUSTMENTS. Aloma, Inc., often lends cash to its customers. At January 1, customers owed Aloma $7,000 of interest on outstanding notes. During
INFERRING ADJUSTING ENTRIES FROM ACCOUNT BALANCE CHANGES.The following schedule shows all the accounts of Fresno Travel Agency that received year-end adjustments (the trial balance was illustrated in
Communication Retirement and estate planning is a field of study, withmany professionals making a career of providing advice in this area.Some advisers charge fees for their services; others make
Economics Inflation is a major consideration for those on fixed incomes,such as retirees. As prices rise, their incomes remain flat. Whatcan retired people do to preserve their purchasing power?
You havethe following unadjusted trial balance (illustrated in Chapter 3) for Rogers Corporationat December 31, 19x6:At year-end, you have the following data for adjustments:a) An analysis indicates
The unad- justed trial balance (illustrated in Chapter 3) for Mitchell Pharmacy appears below.The following information is available at year-end for adjustments:a) An analysis of insurance policies
Flair Corporation is preparing its 2011 statement of financial position. The company records show the following related amounts at the end of the fiscal year, December 31, 2011:Required:1. Compute
API Ltd. has a current ratio of 2.0 and working capital in the amount of \(\$ 1,240,000\). For each of the following transactions, determine whether the current ratio and working capital will
Matyas Company completed the salary and wage payroll for March 2011. The payroll provided the following details:Required:1. Prepare the journal entry to record the payroll for March, including
Town Lake Company has completed the payroll for January 2012, reflecting the following data:Required:1. What amount of additional compensation expense must be paid by the company? What was the amount
Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Sears Canada Inc. is one of Canada's largest general merchandise retailers. Each
Refer to the previous exercise.Required:Determine the financial statement effects for each of the following transactions: (a) issuance of the note on November 1, 2011, (b) impact of the adjusting
PepsiCo Inc. engages in a number of businesses that include Pepsi-Cola, Slice, Mountain Dew, and Fritos. The company's annual revenues exceed \(\$ 45\) billion. A recent PepsiCo annual report
Gonzales Co. provides warranties for many of its products. Its estimated warranty liability account had a balance of \(\$ 70,400\) at January 1, 2011. Based on an analysis of warranty claims during
Mawani Company sells a wide range of goods through two retail stores operating in adjoining cities. Most purchases of goods for resale are on account. Occasionally, a short-term note payable is used
Buzz Coffee Shops is famous for its large servings of hot coffee. After a famous case involving McDonald's, the lawyer for Buzz warned management (during 2008) that it could be sued if someone were
The comparative income statements of Martin Corporation for fiscal years 2011 and 2012 showed the following summarized pretax data:The expenses in 2011 included an amount of \(\$ 4,000\) that was
The comparative income statement for Chung Corporation for fiscal years 2010 and 2011 provided the following summarized pretax data:The expenses for 2011 included an amount of \(\$ 3,000\) that was
Amber Corporation reported the following summarized pretax data at the end of each year:Taxable income from the income tax return was as follows: \(2010, \$ 32,000 ; 2011, \$ 56,000\); and \(2012, \$
On January 2, 2009, Athol Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of \(\$ 1,500\). The company provided
Assume that Sears Canada Inc. made extensive repairs on an existing office building and added a new wing. The existing building originally cost \(\$ 75\) million when it was purchased at the
At the beginning of the year, Wong's Martial Arts Centre bought three used fitness machines from Hangar Inc. for a total cash price of \(\$ 38,000\). Transportation costs on the machines were \(\$
REX Stores Corporation, headquartered in Dayton, Ohio, is one of the leading consumer electronics retailers in the United States, operating more than 200 stores in 37 states. The following is a note
Bombardier Inc. is one of the largest manufacturers of planes and trains in the world. The company's assets exceed \(\$ 20\) billion. As a result, depreciation is a significant item on Bombardier's
Mattel Inc. is the leading toy maker in the world. The company's revenues exceed \(\$ 6\) billion. In the toy business, it is very difficult to determine the life expectancy of a product. Products

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