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Questions and Answers of Public Accounting

=+PE 4-1B Flow of accounts into financial statements obj. 1 EE 4-1 p. 146 In the Income Statement columns of the end-of-period spreadsheet (work sheet) for El Dorado Consulting Co. for the current
=+PE 4-2A Determining net income from the end-of-period spreadsheet (work sheet)obj. 2 In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for Lancaster Consulting Co. for the
=+what is the amount of net income or net loss?
=+PE 4-2B Determining net income from the end-of-period spreadsheet (work sheet)obj. 2 Meg Ostermiller owns and operates 4U Delivery Services. On January 1, 2009, Meg Ostermiller, Capital had a
=+PE 4-3A Statement of owner’s equity obj. 2 Rod Zoot owns and operates Steuben Advertising Services. On January 1, 2009, Rod Zoot, Capital had a balance of $475,000. During the year, Rod invested
=+PE 4-3B Statement of owner’s equity obj. 2 The following accounts appear in an adjusted trial balance of Gondola Consulting.Indicate whether each account would be reported in the (a) current
=+PE 4-4A Classified balance sheet obj. 2 The following accounts appear in an adjusted trial balance of Resolve Consulting.Indicate whether each account would be reported in the (a) current asset;
=+PE 4-4B Classified balance sheet obj. 2 176 Chapter 4 Completing the Accounting Cycle EE 4-2 p. 146 EE 4-2 p. 146 EE 4-4 p. 149 EE 4-4 p. 149 EE 4-3 p. 148 EE 4-3 p. 148 After the account have been
=+PE 4-5A Closing entries obj. 3 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Rabbit Delivery Services Co.:Sherry
=+PE 4-5B Closing entries obj. 3 From the following list of steps in the accounting cycle, identify what two steps are missing.a. Transactions are analyzed and recorded in the journal.b. Transactions
=+PE 4-6A Accounting cycle obj. 4 From the following list of steps in the accounting cycle, identify what two steps are missing.a. Transactions are analyzed and recorded in the journal.b. An
=+PE 4-6B The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to
=+EX 4-1 Extending account balances in an end-ofperiod spreadsheet(work sheet)objs. 1, 2 Balances for each of the following accounts appear in an adjusted trial balance. Identify each as (a) asset,
=+EX 4-2 Classifying accounts objs. 1, 2 Alpine Consulting is a consulting firm owned and operated by Scott Young. The endof-period spreadsheet (work sheet) shown below was prepared for the year
=+Based on the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Alpine Consulting.Cash Accounts Receivable Supplies Office Equipment
=+Trial Balance Trial Balance Adjustments Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Balance Sheet Adjusted 9,500 22,500 2,400 18,500 3,000 17,250 1,850 75,000 2,500 6,100
=+EX 4-3 Financial statements from the end-ofperiod spreadsheet(work sheet)objs. 1, 2 Chapter 4 Completing the Accounting Cycle 179 Aardvark Consulting is a consulting firm owned and operated by Jan
=+Based upon the preceding spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for Aardvark Consulting.Cash Accounts Receivable Supplies Office Equipment
=+Net income 12 34 56 78 910 11 12 13 14 15 16 17 Aardvark Consulting End-of-Period Spreadsheet (Work Sheet)For the Year Ended November 30, 2010 Unadjusted
=+Trial Balance Trial Balance Adjustments Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Balance Sheet Adjusted 7,500 18,500 3,000 30,500 2,000 32,000 1,500 95,000 4,500 3,300
=+EX 4-4 Financial statements from the end-ofperiod spreadsheet(work sheet)objs. 1, 2 The following account balances were taken from the adjusted trial balance for 3 Rivers Messenger Service, a
=+September 30, 2010:Depreciation Expense $ 8,000 Rent Expense $ 60,500 Fees Earned 425,000 Salaries Expense 213,800 Insurance Expense 1,500 Supplies Expense 2,750 Miscellaneous Expense 3,250
=+EX 4-5 Income statement obj. 2✔ Net income,$112,000 The following revenue and expense account balances were taken from the ledger of Infinet Services Co. after the accounts had been adjusted on
=+Depreciation Expense $12,200 Service Revenue $233,900 Insurance Expense 6,000 Supplies Expense 2,875 Miscellaneous Expense 4,750 Utilities Expense 18,750 Rent Expense 49,300 Wages Expense 184,300
=+Prepare an income statement.
=+EX 4-6 Income statement;net loss obj. 2✔ Net loss, $44,275 FedEx Corporation had the following revenue and expense account balances (in millions)at its fiscal year-end of May 31,
=+EX 4-7 Income statement obj. 2 Internet Project 180 Chapter 4 Completing the Accounting Cycle
=+a. Prepare an income statement.
=+b. Compare your income statement with the related income statement that is available at the FedEx Corporation Web site, which is linked to the text’s Web site at
=+Jackrabbit Systems Co. offers its services to residents in the Santa Cruz area. Selected accounts from the ledger of Jackrabbit Systems Co. for the current fiscal year ended March 31, 2010, are as
=+Prepare a statement of owner’s equity for the year.
=+EX 4-8 Statement of owner’s equity obj. 2✔ Terry Collins, capital, Mar. 31, 2010: $899,900
=+Selected accounts from the ledger of Picasso Sports for the current fiscal year ended June 30, 2010, are as follows:Margarita Castillo, Capital Margarita Castillo, Drawing June 30 32,300 July 1
=+EX 4-9 Statement of owner’s equity; net loss obj. 2✔ Margarita Castillo, capital, June 30, 2010: $201,300 Identify each of the following as (a) a current asset or (b) property, plant, and
=+1. Accounts receivable 4. Equipment 2. Building 5. Prepaid rent
=+3. Cash 6. Supplies
=+EX 4-10 Classifying assets obj. 2 At the balance sheet date, a business owes a mortgage note payable of $360,000, the terms of which provide for monthly payments of $2,000.Explain how the liability
=+EX 4-11 Balance sheet classification obj. 2 Optimum Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2010, the
=+Prepare a classified balance sheet that includes the correct balance for Cash.
=+EX 4-12 Balance sheet obj. 2✔ Total assets:$187,500✔a. Net income:$1,251 Chapter 4 Completing the Accounting Cycle 181 List the errors you find in the following balance sheet. Prepare a
=+EX 4-13 Balance sheet obj. 2✔ Corrected balance sheet, total assets:$540,000 From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal
=+Prior to its closing, Income Summary had total debits of $432,200 and total credits of$572,600.
=+Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $432,200 and the $572,600.
=+EX 4-15 Closing entries obj. 3 After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $193,400 and a credit of $258,600. At the same
=+EX 4-16 Closing entries with net income obj. 3 Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31,
=+Journalize the four entries required to close the accounts.
=+EX 4-17 Closing entries with net loss obj. 3 EX 4-14 Identifying accounts to be closed obj. 3 182 Chapter 4 Completing the Accounting Cycle Which of the following accounts will usually appear in
=+EX 4-18 Identifying permanent accounts obj. 3 An accountant prepared the following post-closing trial balance:La Jolla Billiards Co.Post-Closing Trial Balance October 31, 2010 Debit Credit Balances
=+216,050 133,950 _________ _________ Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
=+EX 4-19 Post-closing trial balance obj. 3✔ Correct column totals, $175,000 Rearrange the following steps in the accounting cycle in proper sequence:a. An unadjusted trial balance is prepared.b.
=+EX 4-20 Steps in the accounting cycle obj. 4 The steps performed in completing an end-of-period spreadsheet (work sheet) are listed below in random order.
=+a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet (work sheet) to verify that the totals are equal.
=+b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet (work sheet) to verify that the totals are equal.
=+c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.
=+d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet(work sheet) to verify that the totals are equal.
=+EX 4-21 Appendix: Steps in completing an endof-period spreadsheet(work sheet)Chapter 4 Completing the Accounting Cycle 183
=+e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet (work sheet) to determine the amount of net income or net loss for the period.
=+f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet (work sheet) to verify that the totals are equal.
=+g. Enter the adjusting entries into the spreadsheet (work sheet), based on the adjustment data.
=+h. Enter the amount of net income or net loss for the period in the proper Income Statement column and Balance Sheet column.
=+i. Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Balance columns of the spreadsheet (work sheet).
=+j. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.Indicate the order in which the preceding steps would be performed in preparing and
=+EX 4-22 Appendix:Adjustment data on an end-of-period spreadsheet (work sheet)✔ Total debits of Adjustments column: $16 Homeland Security Services Co. offers security services to business clients.
=+Accounts Receivable 44 Supplies 1 Prepaid Insurance 1 Land 50 Equipment 20 Accum. Depr.—Equipment 4 Accounts Payable 18 Wages Payable 2 Gloria Millard, Capital 85 Gloria Millard, Drawing 4 Fees
=+158 158 ____ ____ Net income (loss)
=+Appendix: Financial statements from an end-of-period spreadsheet (work sheet)✔ Gloria Millard, capital, October 31, 2010: $98
=+Based on the data in Exercise 4-22, prepare the adjusting entries for Homeland Security Services Co.EX 4-25 Appendix: Adjusting entries from an endof-period spreadsheet(work sheet)
=+EX 4-26 Appendix: Closing entries from an endof-period spreadsheet(work sheet)Chapter 4 Completing the Accounting Cycle 185 The following data (in thousands) were taken from recent financial
=+a. Compute the working capital and the current ratio as of December 31, 2007 and 2006.Round to two decimal places.
=+b. What conclusions concerning the company’s ability to meet its financial obligations can you draw from part (a)?
=+EX 4-27 Working capital and current ratio The following data (in thousands) were taken from recent financial statements of Starbucks Corporation:Sept. 30. , 2007 Oct. 1, 2006 Current assets
=+a. Compute the working capital and the current ratio as of September 30, 2007 and October 1, 2006. Round to two decimal places.
=+b. What conclusions concerning the company’s ability to meet its financial obligations can you draw from part (a)?
=+EX 4-28 Working capital and current ratio Problems Series A Prison Watch Company offers legal consulting advice to prison inmates. Prison Watch Company prepared the end-of-period spreadsheet (work
=+1. Prepare an income statement for the year ended June 30.
=+2. Prepare a statement of owner’s equity for the year ended June 30. No additional investments were made during the year.
=+3. Prepare a balance sheet as of June 30.
=+4. On the basis of the end-of-period spreadsheet (work sheet), journalize the closing entries.
=+5. Prepare a post-closing trial balance.
=+PR 4-1A Financial statements and closing entries objs. 1, 2, 3✔ 1. Net loss:$14,150
=+The Hometown Services Company is a financial planning services firm owned and operated by Jane Maines. As of March 31, 2010, the end of the current fiscal year, the accountant for The Hometown
=+2. Journalize the entries that were required to close the accounts at March 31.
=+3. If the balance of Jane Maines, Capital increased $35,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or net loss?
=+PR 4-2A Financial statements and closing entries objs. 2, 3✔ 1. Jane Maines, capital, March 31:$467,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Acc. Depr.—Building
=+Unearned Rent Cassandra Jaffee, Capital Cassandra Jaffee, Drawing Fees Revenue Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense Travel Expense Depr. Exp.—Equipment
=+Insurance Expense Misc. Expense Net loss 12 34 56 78 910 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Prison Watch Company End-of-Period Spreadsheet (Work Sheet)For the Year Ended
=+Trial Balance Trial Balance Adjustments Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Balance Sheet Adjusted 5,100 12,750 3,600 2,025 80,000 200,000 140,000 20,000 145,100
=+Chapter 4 Completing the Accounting Cycle 187 12 34 56 78 910 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The Hometown Services Company End-of-Period Spreadsheet (Work Sheet)For the Year
=+Supplies Prepaid Insurance Land Buildings Accumulated Depreciation—Buildings Equipment Accumulated Depreciation—Equipment Accounts Payable
=+Salaries Payable Unearned Rent Jane Maines, Capital Jane Maines, Drawing Service Fees
=+Rent Revenue Salary Expense Depreciation Expense—Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense—Buildings Repairs Expense Insurance Expense Miscellaneous Expense
=+28,150 4,400 9,500 100,000 360,000 260,000 25,000 800,000 800,000 117,200 152,700 33,300 3,300 1,500 427,600 735,600 64,400 800,000 A HI JK 29 30 31 32 33 34 The unadjusted trial balance of Surf
=+Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,350 Laundry Supplies . . . . . . . . . . . . . . . . . . . . . . . . . .
=+The data needed to determine year-end adjustments are as follows:a. Wages accrued but not paid at October 31 are $1,250.
=+b. Depreciation of equipment during the year is $9,500.
=+PR 4-3A T accounts, adjusting entries, financial statements, and closing entries;optional end-ofperiod spreadsheet(work sheet)objs. 2, 3✔ 2. Net income:$36,700 188 Chapter 4 Completing the
=+c. Laundry supplies on hand at October 31 are $2,900.d. Insurance premiums expired during the year are $6,000.Instructions
=+1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “Oct. 31 Bal.” In addition, add T accounts for Wages Payable, Depreciation
=+2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts listed in Part (1) as needed.
=+3. Journalize and post the adjusting entries. Identify the adjustments by “Adj.” and the new balances as “Adj. Bal.”

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