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Questions and Answers of Public Accounting

=+g. Paid automobile expenses (including rental charges) for month, $500, and miscellaneous expenses, $200.h. Paid office salaries, $1,000.i. Determined that the cost of supplies on hand was $800;
=+On November 1 of the current year, Rhea Quade established a business to manage rental property. She completed the following transactions during November:a. Opened a business bank account with a
=+4. (Optional) Prepare a statement of cash flows for November.
=+3. Prepare an income statement for November, a statement of owner’s equity for November, and a balance sheet as of November 30.
=+2. State the assets, liabilities, and owner’s equity as of November 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases
=+1. Determine the amount of Maria Acosta’s capital as of November 1.
=+l. Withdrew $10,000 for personal use.Instructions
=+k. Determined that the cost of supplies on hand was $3,550; therefore, the cost of supplies used during the month was $4,250.
=+$1,575; miscellaneous expense, $850.
=+PR 1-6A Missing amounts from financial statements✔ i. $515,610b. Purchased land for use as a parking lot, paying cash of $30,000.c. Paid rent for the month, $4,500.d. Charged customers for dry
=+(f)Less withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (g)Increase in owner’s equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+The financial statements at the end of Four Corners Realty’s first month of operations are shown below and on the next page.Four Corners Realty Income Statement For the Month Ended July 31, 2010
=+2. Prepare an income statement for April, a statement of owner’s equity for April, and a balance sheet as of April 30.objs. 4, 5 objs. 4, 5 Chapter 1 Introduction to Accounting and Business 39
=+PR 1-4A Transactions;financial statements✔ 2. Net income:$14,450 Assets Liabilities Owner’s Equity Ryan Ryan Office Accounts Barnes, Barnes, Sales Salaries Rent Auto Supplies Misc.Cash
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
=+i. Determined that the cost of supplies on hand was $150; therefore, the cost of supplies used was $750.Instructions
=+h. Withdrew cash for personal use, $3,000.
=+PR 1-5A Transactions;financial statements✔ 3. Net income:$13,950 On April 1, 2010, Ryan Barnes established Coyote Realty. Ryan completed the following transactions during the month of April:a.
=+Colfax Dry Cleaners is owned and operated by Maria Acosta. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by
=+On April 1, 2010, Ryan Barnes established Coyote Realty. Ryan completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $25,000 from
=+The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of
=+Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July:a. Opened a business bank account with a deposit of $50,000 from
=+d. Using the balance sheet data for The Home Depot in Exercise 1-26, how does the ratio of liabilities to stockholders’ equity of Lowe’s compare to that of The Home Depot?
=+c. What conclusions regarding the margin of protection to the creditors can you draw from (b)?
=+b. Determine the ratio of liabilities to stockholders’ equity for 2007 and 2006. Round to two decimal places.
=+Lowe’s, a major competitor of The Home Depot in the home improvement business, operates over 1,300 stores. For the years ending February 2, 2007, and February 3, 2006, Lowe’s reported the
=+b. Determine the ratio of liabilities to stockholders’ equity for 2007 and 2006. Round to two decimal places.c. What conclusions regarding the margin of protection to the creditors can you draw
=+a. Determine the total liabilities as of January 28, 2007, and January 29, 2006.
=+The Home Depot, Inc., is the world’s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,000 Home
=+j. Notes and loans payable k. Notes receivable l. Operating expenses m. Prepaid taxes n. Sales o. Selling expenses
=+August 31, 2010 Sales commissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $467,100 Expenses:Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . .
=+EX 1-24 Statement of cash flows 5 Driftwood Realty, organized July 1, 2010, is owned and operated by Steffy Owen. How many errors can you find in the following statements for Driftwood Realty,
=+Prepare a statement of cash flows for Pickerel Consulting Group for the year ended March 31, 2010.
=+The cash balance as of April 1, 2009, was $30,800.
=+cash flows 5 A summary of cash flows for Pickerel Consulting Group for the year ended March 31, 2010, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . .
=+5 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
=+e. Exploration expensesf. Income taxes payable g. Investments h. Long-term debt EX 1-22 Financial statements
=+Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.a.
=+October 31 and as of November 30, 2010.b. Determine the amount of net income for November, assuming that the owner made no additional investments or withdrawals during the month.c. Determine the
=+Financial information related to the proprietorship of Plexiglass Interiors for October and November 2010 is as follows: October 31, 2010 November 30, 2010 Accounts payable $ 46,200 $ 49,800
=+Expenses 38,880 64,000 122,500 128,000 Determine the missing amounts, identifying them by letter. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.)
=+One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: Earth Mars Neptune Pluto Beginning of the year:
=+Net income and owner’s withdrawals 6. Supplies 7. Supplies Expense 8. Utilities Expense 9. Wages Expense 10. Wages Payable
=+Would it be correct to say that the business incurred a net loss of $25,000 during the month? Discuss.EX 1-14
=+5 The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal
=+From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Payable 2.
=+Saturn: The owner had made an additional investment of $162,000 but had made no withdrawals.Venus: The owner had made an additional investment of $162,000 and had withdrawn $72,000.
=+vdetermine the net income (or loss) of each company for the year. (Hint: First determine the amount of increase or decrease in owner’s equity during the year.)Jupiter: The owner had made no
=+Four different proprietorships, Jupiter, Mercury, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity,
=+Would it be correct to say that the business incurred a net loss of $25,000 during the month? Discuss.
=+The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.
=+e. How much of the net income for the month was retained in the business?
=+d. What is the amount of the net income for the month?
=+c. What is the amount of net increase in owner’s equity during the month?
=+b. What is the amount of net decrease in cash during the month?
=+a. Describe each transaction.
=+Murray Kiser operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
=+10. Paid cash to owner for personal use, $3,000.Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a
=+7. Paid creditors on account, $9,280.8. Received cash from customers on account, $25,600.9. Determined that the cost of supplies on hand was $900; therefore, $1,600 of supplies had been used during
=+3. Paid advertising expense, $4,000.4. Received cash for providing delivery services, $39,750.5. Purchased supplies for cash, $2,500.6. Billed customers for delivery services on account, $81,200.
=+vThe following selected transactions were completed by Lindbergh Delivery Service during October:1. Received cash from owner as additional investment, $75,000.2. Paid rent for October, $4,200.
=+b. Assume that the seller owes $80,000 on a loan for the land. After receiving the$290,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of
=+a. A vacant lot acquired for $150,000 is sold for $290,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
=+4 Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business.b. Received cash for services performed.c. Paid for utilities
=+3 Indicate whether each of the following is identified with (1) an asset, (2) a liability, or(3) owner’s equity:a. accounts payableb. cashc. fees earnedd. lande. suppliesf. wages expense
=+e. Net income (or net loss) during 2010, assuming that as of December 31, 2010, assets were $960,000, liabilities were $156,000, and there were no additional investments or withdrawals.
=+and liabilities of $240,000. Using the accounting equation and considering each case independently, determine the following amounts:a. Donna Ahern, capital, as of December 31, 2009.b. Donna Ahern,
=+3 Donna Ahern is the owner and operator of Omega, a motivational consulting business.At the end of its accounting period, December 31, 2009, Omega has assets of $760,000
=+3 Determine the missing amount for each of the following:Assets Liabilities Owner’s Equitya. $250,000 $780,000b. $125,000 39,500c. 60,000 7,500
=+3 The total assets and total liabilities of eBay and Google are shown below.eBay (in millions) Google (in millions)Assets $13,494 $18,473 Liabilities 2,589 1,433 Determine the owners’ equity of
=+The total assets and total liabilities of Coca-Cola and PepsiCo are shown below.Coca-Cola (in millions) PepsiCo (in millions)Assets $29,963 $29,930 Liabilities 13,043 14,483 Determine the owners’
=+10. Judy purchased two dozen spring dresses from a Seattle designer for a special spring sale.
=+9. Cliff paid for dinner and a movie to celebrate their fifteenth wedding anniversary.
=+8. Judy donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
=+7. Judy authorized the trust fund to purchase mutual fund shares.
=+6. Cliff paid for an advertisement in a hunters’ magazine.
=+5. Judy deposited a $5,000 personal check in the trust fund at City Bank.
=+4. Cliff paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
=+3. Judy paid her dues to the YWCA.
=+2. Cliff received a cash advance from customers for a guided hunting trip.
=+1. Cliff paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Chalet Sports.
=+record the transaction in its records.Entities C Chalet Sports B City Bank Trust Fund J Joliet Boutique X None of the above
=+clothing store. Cliff and Judy have established a trust fund to finance their children’s college education. The trust fund is maintained by City Bank in the name of the children, John and
=+2 Chalet Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Chalet Sports is owned and operated by Cliff Owen, a well-known sports enthusiast and hunter.
=+1 A fertilizer manufacturing company wants to relocate to Collier County. A 13-year-old report from a fired researcher at the company says the company’s product is releasing toxic by-products.
=+Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s
=+Accounts payable $ 12,000 Miscellaneous expense $ 8,000 Accounts receivable 32,000 Office expense 111,000 Cash 78,000 Supplies 6,000 Fees earned 475,000 Wages expense 239,000 Land 150,000 Prepare
=+ The assets and liabilities of Express Travel Service at June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed at the top of the following page. The
=+The assets and liabilities of Impeccable Travel Service at November 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner,
=+and Expense) by listing the numbers identifying the transactions, (1) through (5). Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the
=+Yukon Delivery Service is owned and operated by Betty Pasha. The following selected transactions were completed by Yukon Delivery Service during June: 1. Received cash from owner as additional
=+Expense) by listing the numbers identifying the transactions, (1) through (5). Also, indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to
=+Zany Delivery Service is owned and operated by Joey Bryant. The following selected transactions were completed by Zany Delivery Service during February: 1. Received cash from owner as additional
=+b. Owner’s equity, as of December 31, 2010, assuming that assets increased by $90,000 and liabilities increased by $28,000 during 2010.
=+At the end of its accounting period, December 31, 2009, You’re Great has assets of $475,000 and liabilities of $115,000.Using the accounting equation,determine the following amounts:a. Owner’s
=+Paul Eberly is the owner and operator of You’re Great, a motivational consulting business.
=+On February 7, Snap Repair Service extended an offer of $75,000 for land that had been priced for sale at $85,000. On February 21, Snap Repair Service accepted the seller’s counteroffer of
=+What item appears on both the balance sheet and the statement of cash flows?
=+What item appears on both the balance sheet and the statement of owner’s equity?
=+12. What particular item of financial or operating data appears on both the income statement and the statement of owner’s equity?

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