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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Sandy Bottom Consulting is a consulting firm owned and operated by Dee Schofield. The end-of-period spreadsheet (work sheet) shown below was-prepared for the year ended August 31, 2008.Based upon the
Rectifier Consulting is a consulting firm owned and operated by Adam Beauchamp. The following end-of-period spreadsheet (work sheet) was prepared for the year ended June 30,2008objs. 2,3 A B C D E F
The following account balances were taken from the adjusted trial balance for Admiral Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2008:Prepare an income
The following revenue and expense account balances were taken from the ledger of Cupcake Services Co. after the accounts had been adjusted on October 31, 2008, the end of the current fiscal
Icon Systems Co. offers its services to residents in the Pasadena area. Selected accounts from the ledger of Icon Systems Co. for the current fiscal year ended August 31, 2008, are as follows:objs.
Selected accounts from the ledger of Aspen Sports for the current fiscal year ended June 30, 2008, are as follows:Prepare a retained earnings statement for the year.objs. 2,3 Retained Earnings
Identify each of the following as (a) a current asset or (b) property, plant, and equipment:1. Accounts receivable 4. Equipment 2. Building 5. Prepaid insurance 3. Cash 6. Supplies objs. 2,3
At the balance sheet date, a business owes a mortgage note payable of \(\$ 750,000\), the terms of which provide for monthly payments of \(\$ 15,000\).a-7 Explain how the liability should be
Healthy \& Trim Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2008, the end of the current fiscal year, the
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.objs. 2,3 Assets Current assets: Eucalyptus Services Co. Balance Sheet For the Year Ended July 31, 2008
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year:a. Accounts Receivable g. Dividendsb. Accumulated Depreciation-h. Land Equipment
Prior to its closing, Income Summary had total debits of \(\$ 279,615\) and total credits of \(\$ 392,750\).Briefly explain the purpose served by the income summary account and the nature of the
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of \(\$ 218,380\) and a credit of \(\$ 375,000\). At the same date, Retained Earnings
Firefly Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at October 31, the end of the fiscal year, the following
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payable g. Fees Earnedb. Accumulated Depreciation h. Office Equipmentc. Capital Stock i. Salaries
An accountant prepared the following post-closing trial balance:Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are
Rearrange the following steps in the accounting cycle in proper sequence:a. An adjusted trial balance is prepared.b. Financial statements are prepared.c. A post-closing trial balance is prepared.d.
Dakota Services Co. offers cleaning services to business clients. Complete the following endof-period spreadsheet (work sheet) for Dakota Services Co.objs. 2,3 Dakota Services Co. End-of-Period
Blink-On Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Blink-On Company prepared the end-of-period spreadsheet (work sheet) at the top of the
The Nevus Company is an investigative services firm that is owned and operated by Stacey Vargas. On April 30, 2008, the end of the current fiscal year, the accountant for The Nevus Company prepared
The unadjusted trial balance of Iguana Laundromat at June 30, 2008, the end of the current fiscal year, is shown below.{Instructions}1. For each account listed in the unadjusted trial balance, enter
If the working papers correlating with this textbook are not used, omit Problem 4-4A.The ledger and trial balance of Wainscot Services Co. as of March 31, 2008, the end of the first month of its
The unadjusted trial balance of Quick Repairs at October 31, 2008, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on hand at
For the past several years, Dawn Lytle has operated a part-time consulting business from her home. As of October 1, 2008, Dawn decided to move to rented quarters and to operate the business as a
Last-Chance Company offers legal consulting advice to prison inmates. Last-Chance Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at November 30,2008 ,
The Ultra Services Company is a financial planning services firm owned and operated by Chad Tillman. As of July 31, 2008, the end of the current fiscal year, the accountant for The Ultra Services
The unadjusted trial balance of Best Laundry at March 31, 2008, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Wages accrued
The ledger and trial balance of Wainscot Services Co. as of March 31, 2008, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Reliable Repairs at December 31, 2008, the end of the current year, is shown at the top of the next page. The data needed to determine year-end adjustments are as
For the past several years, Derrick Epstein has operated a part-time consulting business from his home. As of June 1, 2008, Derrick decided to move to rented quarters and to operate the business as a
If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing a(n):A. debit memorandum.B. credit memorandum.C. invoice D. bill.
If merchandise is sold on account to a customer for \(\$ 1,000\), terms FOB shipping point, \(1 / 10, \mathrm{n} / 30\), and the seller prepays \(\$ 50\) in transportation costs, the amount of the
The income statement in which the total of all expenses is deducted from the total of all revenues is termed the:A. multiple-step form.C. account form.B. single-step form.D. report form.
On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is called:A. operating income.B. income from operations.C. gross profit.D. net income.
What distinguishes a merchandising business from a service business?Appendix
Can a business earn a gross profit but incur a net loss? Explain.Appendix
In computing the cost of merchandise sold, does each of the following items increase or decrease that cost? (a) transportation costs, (b) beginning merchandise inventory, (c) purchase discounts, (d)
Describe how the periodic system differs from the perpetual system of accounting for merchandise inventory.Appendix
Differentiate between the multiple-step and the single-step forms of the income statement.Appendix
What are the major advantages and disadvantages of the single-step form of income statement compared to the multiple-step statement?Appendix
What type of revenue is reported in the other income section of the multiple-step income statement?Appendix
Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.Appendix
How are sales to customers using MasterCard and VISA recorded?Appendix
The credit period during which the buyer of merchandise is allowed to pay usually begins with what date?Appendix
What is the meaning of (a) \(2 / 10, \mathrm{n} / 60\); (b) \(\mathrm{n} / 30\); (c) \(\mathrm{n} /\) eom?Appendix
What is the nature of (a) a credit memorandum issued by the seller of merchandise, (b) a debit memorandum issued by the buyer of merchandise?Appendix
Who bears the transportation costs when the terms of sale are (a) FOB shipping point, (b) FOB destination?Appendix
Pembroke Office Equipment, which uses a perpetual inventory system, experienced a normal inventory shrinkage of \(\$ 13,762\). What accounts would be debited and credited to record the adjustment for
Assume that Pembroke Office Equipment in Eye Opener 14 experienced an abnormal inventory shrinkage of \(\$ 215,650\). Pembroke Office Equipment has decided to record the abnormal inventory shrinkage
Frontier Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Frontier Sports is owned and operated by Wally Schnee, a well-known sports enthusiast and hunter.
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below. Coca-Cola (in millions) Assets Liabilities $31,327 15,392 PepsiCo (in millions) $27,987 14,415 Determine the
The total assets and total liabilities of eBay and Google are shown below.Determine the stockholders’ (owners’) equity of each company. Assets Liabilities eBay (in millions) $7,991 1,263 Google
Hector Lopez is the sole stockholder and operator of Centillion, a motivational consulting business. At the end of its accounting period, December 31, 2007, Centillion has assets of$950,000 and
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3)stockholders’ equity (retained earnings): -a. landd. fees earnedb. wages expensee. suppliesc. accounts
Describe how the following business transactions affect the three elements of the account- ing equation.a. Purchased supplies on account.b. Purchased supplies for cash.c. Paid for utilities used in
a. A vacant lot acquired for $75,000 is sold for $145,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) stockholders’
Indicate whether each of the following types of transactions will either (a) increase stockholders’equity or (b) decrease stockholders’ equity:1. revenues 3. stockholders’ investments 2.
The following selected transactions were completed by Pilgrim Delivery Service during July: 1. Received cash from issuing capital stock, $115,000. 2. Received cash for providing delivery services,
Otto Egan operates his own catering service. Summary financial data for August are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the
The income statement of a corporation for the month of July indicates a net income of$117,800. During the same period, $150,000 in cash dividends were paid.Would it be correct to say that the
Four different corporations, Alpha, Bravo, Charlie, and Delta, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders’equity, are
From the Siena list a ee leced items taken set ie aeeotinet 5 ya Appliance Service as of a specific date, identify those that would appear on the balance sheet: 1. Accounts Payable 2. Cash 3. Fees
Financial faisenaton related to Pickerel Company ae the month ended June 30, 2008, is as follows: Net income for June $196,350 Dividends during June Retained earnings, June 1, 2008 15,000 682,900
Giblet Services was organized on February 1, 2008. A summary of the revenue and expense transactions for February follows:Prepare an income statement for the month ended February 28. Fees earned
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four corporations: Beginning of the year: Oscar Papa Quebec Romeo Assets
Financial information related to the proprietorship of Burst Interiors for March and April 2008 is as follows:a. Prepare balance sheets for Burst Interiors as of March 31 and as of April 30, 2008.b.
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 financing activity:1. Cash
A summary of cash flows for Webster Consulting Group for the year ended July 31, 2008, is shown below. Cash receipts: Cash received from customers $495,000 Cash received from additional issuance of
On June 1 of the current year, Doni Gilmore established a business to manage rental prop- erty. She completed the following transactions during June:a. Opened a business bank account with a deposit
Following are the amounts of the assets and liabilities of Pedigree Travel Agency at December 31, 2008, the end of the current year, and its revenue and expenses for the year. The capital stock was
Barry Kimm established Mariner Financial Services on January 1, 2008. Mariner Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after
On March 1, 2008, Ginny Tyler established Seltzer Realty. Ginny completed the following transactions during the month of March:a. Opened a business bank account with a deposit of \(\$ 30,000\) in
Argon Dry Cleaners is owned and operated by Kerry Ulman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
Ana Urbin 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 \(\$ 40,000\) in
The amounts of the assets and liabilities of Abyss Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital stock was \(\$
Kelly Cassidy established Firefly Computer Services on May 1, 2008. The effect of each transaction and the balances after each transaction for May are shown at the top of the following
On April 1, 2008, Britt Quinn established Uptown Realty. Britt completed the following transactions during the month of April:a. Opened a business bank account with a deposit of \(\$ 30,000\) in
Skivvy Dry Cleaners is owned and operated by Jean Potts. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Harp Realty's first month of operations are shown below and on the next page.\title{Instructions}By analyzing the interrelationships among the four financial
A debit may signify a(n):A. increase in an asset account.B. decrease in an asset account.C. increase in a liability account.D. increase in the capital stock account.
The type of account with a normal credit balance is:A. an asset.C. a revenue.B. dividends.D. an expense.
The form listing the titles and balances of the accounts in the ledger on a given date is the:A. income statement.B. balance sheet.C. retained earnings statement.D. trial balance.
Explain why the rules of debit and credit are the same for liability accounts and stockholders' equity accounts.
What is the effect (increase or decrease) of a debit to an expense account (a) in terms of retained earnings and (b) in terms of expense?
What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of retained earnings and (b) in terms of revenue?
Rabun Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of January 31 has a credit balance of \(\$ 2,500\), and there
Assume that Hahn Consulting erroneously recorded the payment of dividends of \(\$ 5,000\) as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How
Assume that Hacienda Realty Co. borrowed \(\$ 80,000\) from Clinton Bank and Trust. In recording the transaction, Hacienda erroneously recorded the receipt as a debit to Cash, \(\$ 80,000\), and a
Banks rely heavily upon customers' deposits as a source of funds. Demand deposits normally pay interest to the customer, who is entitled to withdraw at any time without prior notice to the bank.
Prepare a journal entry on October 31 for the payment of \(\$ 4,500\) of dividends.
Prepare a journal entry on July 31 for the payment of \(\$ 7,250\) of dividends.
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.1. Notes Payable 4.
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.1. Prepaid Insurance 4.
The following errors took place in journalizing and posting transactions:a. The payment of \(\$ 3,125\) from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable.b.
The following errors took place in journalizing and posting transactions:a. The purchase of supplies of \(\$ 2,690\) on account was recorded as a debit to Office Equipment and a credit to Supplies.b.
The following accounts appeared in recent financial statements of Continental Airlines:```Accounts Payable Air Traffic Liability Aircraft Fuel Expense Cargo and Mail Revenue```Commissions{Flight
Mandalay Interiors is owned and operated by Angie Stowe, an interior decorator. In the ledger of Mandalay Interiors, the first digit of the account number indicates its major account classification
Eos Co. is a travel agency. The nine transactions recorded by Eos during March 2008, its first month of operations, are indicated in the following \(\mathrm{T}\) accounts:Indicate for each debit and
During the month, Witherspoon Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only,
Identify each of the following accounts of Sydney Services Co. as asset, liability, stockholders' equity, revenue, or expense, and state in each case whether the normal balance is a debit or a

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