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public accounting

Questions and Answers of Public Accounting

Why might the number 112 be assigned to Accounts Receivable and the number 1120708 to Bill Thomas, a customer?
Delay Company's sales journal has one amount column headed Accounts Receivable Dr. and Sales Revenue Cr. In this journal. 86 transactions are recorded. How many posting references appear in the
Posting from the journals of Lexite Sales is complete. But the total of the individual balances in the accounts payable subsidiary ledger does not equal the balance in the Accounts Payable control
DE6-1 Suppose you have just invested your life savings in a Baskin Robbins franchise. The business is growing fast, and you need a better accounting information system. Consider the features of an
DE6-2 Match each component of a computerized accounting system with its meaning. Component A. Server B. Hardware C. Software: D. Network Meaning Electronic linkages that allow different computers to
DE6-3 Complete the crossword puzzle that follows. 4 1 2 7 3 6 Accounting system vocabulary (Obj. 1) Down: 1. Managers need over operations in order to authorize transactions and safeguard assets 3.
DE6-4 Use account numbers 11-16, 21, 22, 31, 32, 41, 51, and 52 to correspond to the following selected accounts from the general ledger of Entre Home Furnishings. List the accounts and their account
DE6-5 Refer to the spreadsheet screen in Exhibit 6-7, page 233. Suppose cells B1 through B4 are your business's actual income statement for the current year. You wish to develop your financial plan
DE6-6 Use the following abbreviations to indicate the journal in which you would record transactions a-n. J = General journal P Purchases journal S Sales journal CP Cash payments journal CR Cash
Link Back to Chapter 5 (Gross Profit). Use the sales journal and the related ledger accounts in Exhibit 6-10, page 236, to answer these questions about Austin Sound Center. 1. How much gross profit
DE6-8 1. Where does the total amount receivable from all the customers appear? Be specific. 2. A key control feature of Austin Sound Center's accounting system lies in the agree- ment between the
The cash receipts journal of Austin Sound Center appears in Exhibit 6-11, page 239, along with the company's various ledger accounts. Use the data in Exhibit 6-11 to answer the following questions
DE6-10 Refer to Austin Sound Center's purchases journal (Exhibit 6-12, page 2411 and cash payments journal (Exhibit 6-13. page 243). Charles Ernest, the owner, has raised the fol- lowing questions
DE6-11 Link Back to Chapters 1 and 2 (Recording transactions). Use Austin Sound's pur- chases journal (Exhibit 6-12, page 241) and cash payments journal (Exhibit 6-13, page 243) to address these
DE6-12 Answer the following questions about the November transactions of Austin Sound Center. You will need to refer to Exhibits 6-10 through 6-13, which begin on page 236. 1. How did Austin Sound
Assign account numbers (from the list that follows) to the accounts of AudioBasket. Identify the headings, which are not accounts and would not be assigned an account number. Mark Lancaster. Capital
The following accounts of Kim Fisher Company show some of the company's adjusted balances before closing: Total assets Current assets Plant assets. Total liabilities Current liabilities S ? Long-term
Equipment listed on a spreadsheet has a cost of $400,000; this amount is located in cell B9. The number of years of the asset's useful life is found in cell C3. Write the spreadsheet for- mula to
The values of the following items are stored in the cells of a Kovar Associates spread- sheet: Item Total assets Current assets Fixed assets Total liabilities Current liabilities Long-term
The sales and cash receipts journals of Keester.com include the following entries: Date Sales Journal Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Account Post.
The cash receipts journal of EnvisioNet follows. Cash Receipts Journal Page 7 Debits Credits Other Accounts Date Sales Cash Discounts Accounts Sales Receivable Revenue Post. Account Title Ref. Amount
E6-7 A customer account in the accounts receivable ledger of Vitria Paint Company follows. Jo Mei Chang Date Nov. 3 6 14 27 Balance Jrnl. Ref. Dr. Cr. Dr. Cr. 403 S.5 1.180 1.583 J.8 191 1.392 CR.9
E6-8 During April, Nike/Time completed the following credit purchase transactions: April 5 Purchased supplies, $1.106, from Disch Corporation 11 Purchased inventory. $3,600, from Conn Corp. Nike/Time
The purchases journal of Hans Bauman Company follows. Purchases Journal journal; balancing the ledgers (Obj. 5) Page 7 Other Accounts Dr. Account Account Post. Payable Inventory Supplies Post. Amt.
During August. Silicon Valley Sporting Goods had the following transactions: Aug. 1 Paid $490 on account to Rabin Associates, net of a $10 discount for an earlier purchase of inventory. Purchased
Link Back to Chapter 5 (Recording Purchases. Sales, and Returns). The following docu- ments describe two business transactions. Date: Invoice May 14, 20X0 Date: Debit Memo May 20, 20X0 Sold to:
Link Back to Chapter 5 (Cost of Goods Sold. Gross Profit). 1. Austin Sound Center's special journals in Exhibits 6-10 through 6-13 (pages 236-243) provide the owner with much of the data needed for
The following spreadsheet shows the income statement of Tradex Technologies: Column Row Number A 7 Revenues: 8 Service revenue 9 Rent revenue 10 11 12 13 14 15 16 17 18 19 Total revenue Expenses:
The general ledger of Ariba Genetics includes the following selected accounts: Cash Accounts Receivable Inventory. Notes Receivable. Supplies... Land 11 Sales Revenue.. 41 12 Sales Discounts. 42 13
Correcting errors in the cash receipts journal (Obj. 4) P6-3A The following cash receipts journal of Trilogy Buying Cooperative contains five entries. All five entries are for legitimate cash receipt
The general ledger of Sun Network.com includes the following accounts: Cash. Inventory Prepaid Insurance Supplies...... 111 Furniture 131 Accounts Payable. 161 Rent Expense. 171 Utilities Expense 187
The general ledger of Commerce One includes the following accounts: Equipment. Cash Inventory. Prepaid Insurance. Supplies. 111 131 Accounts Payable. 161 Rent Expense. 171 Utilities Expense. 189 211
Case 1. AccuTrac Software creates and sells cutting-edge networking software. AccuTrac's quality control officer estimates that 20% of the company's sales and purchases of inventory are returned for
Case 2. A fire destroyed certain accounting records of DuPont Science Corp. The owner. Franois DuPont, asks for your help in reconstructing the records. He needs to know the begin- ning and ending
On a recent trip to Ireland. Ian O'Shea, sales manager of Eln, Inc.. took his wife along at company expense. Martha Gibney, vice president of sales and O'Shea's boss, thought his travel and
Preparing a Business Plan for a Merchandising Entity. As you work through Part 2 of this book (Chapters 7-121, you will be examining in detail the current assets, current liabilities, and plant
Preparing a Business Plan for a Service Entity. List what you have learned thus far in the course. On the basis of what you have learned. refine your plan for promoting a rock concert (from Team
The Internet has opened new consulting opportunities for the accounting profession. The government has regulations and forms available on-line. Individual accountants have Web sites explaining the
answer these questions 1. How could Ralph steal cash receipts and hide the theft? What additional steps should the manager take to strengthen the control over cash receipts? 2. What is the internal
Use the data in Exercise 5-7 to prepare the multi-step income statement of Northstar Auto Supply for the year ended March 31, 20X2.
Refer to Exercise 5-8. After completing Northstar's income statement for the year ended March 31, 20X2, compute these ratios to evaluate Northstar's performance: Gross profit percentage Inventory
Selected amounts from the accounting records of Barringer Boats. Ltd., are listed in alphabetical order. Accounts payable.. $16.200 Owner's equity. Accumulated depreciation. 18,700 December 31, 20X0
Prepare Barringer Boats, Ltd.'s single-step income statement for 20X0, using the data from Exercise 5-10. Compute the gross profit percentage, and compare it with last year's gross profit percentage
General Motors (GM) is a business empire, with both automotive operations and financial services. During 1999. GM's automotive operations made sales of $153 billion and had cost of goods sold
The periodic inventory records of Barringer Boats, Ltd. include these accounts at December 31, 20X0: Purchases of inventory.. $98,600 Purchase discounts 3.000 Purchase returns and allowances 2.000
Supply the missing income statement amounts in each of the following situa- tions: Computing inventory and cost of goods sold amounts in a periodic inventory system (Obj. 6) Sales Sales Discounts Net
For the year ended December 31, 20X1. Lighthouse Designs, a retailer of home- related products, reported net sales of $338 million and cost of goods sold of $154 million. The company's balance sheet
Amos Faraday's consulting practice includes a great deal of systems consulting busi- 2. Faraday has begun selling accounting software. During January, the business completed these transactions: Jan.
Wal-Mart Stores, Inc., is the largest retailer in the world, with almost 4.000 stores. A key Wal-Mart advantage is its sophisticated perpetual inventory accounting system. Required You are the
Assume the following transactions occurred between Johnson & Johnson (J&J), the healthcare products company, and CVS Drugstores, during February of the current year: Feb. 6 Johnson & Johnson sold
Preakness Wholesale Grocery engaged in the following transactions during May: May 3 Purchased office supplies for cash, $300. 7 Purchased inventory on credit terms of 3/10 net eom. $2.000. 8 Returned
P5-4A House of India Restaurant's trial balance pertains to December 31, 20X9. HOUSE OF INDIA RESTAURANT Trial Balance December 31, 20X9 Cash Accounts receivable. Inventory. Prepaid rent Fixtures...
Refer to the data in Problem 5-4A. 1. Journalize the adjusting and closing entries. 2. Determine the December 31 balance of Reshma Desai. Capital.
Link Back to Chapter 4 (Classified Balance Sheet). Selected accounts of Mother Earth Organic Products are listed along with their balances before closing at May 31, 20X9. Accounts payable. $ 16,900
Link Back to Chapter 4 (Classified Balance Sheet). Required 1. Use the data of Problem 5-6A to prepare a single-step income statement for the month ended May 31, 20X9. 2. Prepare Mother Earth's
The trial balance and adjustments columns of the work sheet of Purcell Music Company include the following accounts and balances at November 30, 20X4: Trial Balance Adjustments Account Title Debit
The accounting records of Copeland Appliance list the following at November 30. 20X1: Purchases of inventory Inventory: November 30, 20X0.. (Computing cost of goods sold and gross profit in a
Optic Nerve is a regional chain of optical shops in the southwestern United States. The company offers a large selection of eyeglass frames, and Optic Nerve stores provide while- you-wait service.
Assume the following transactions occurred between Eckerd Drug Stores and Johnson & Johnson (J&J), the healthcare products company, during June of the current year: Johnson & Johnson sold $6,000
Fresh Market Grocery's trial balance pertains to December 31, 20X1. FRESH MARKET GROCERY Trial Balance December 31, 20X1 Cash. Accounts receivable Inventory Store supplies Prepaid insurance. Store
P5-5B Refer to the data in Problem 5-4B at the bottom of the facing page. Required 1. Journalize the adjusting and closing entries of Fresh Market Grocery 2. Determine the December 31 balance of
Link Back to Chapter 4 (Classified Balance Sheet). Selected accounts of Genesis Electronics are listed along with their balances before closing at July 31, 20X2 E Accounts payable.. Accounts
Link Back to Chapter 4 (Classified Balance Sheet). Required 1. Use the data of Problem 5-6B to prepare Genesis Electronics' single-step income statement for July 31, 20X2. 2. Prepare Genesis's
P5-8B The trial balance and adjustments columns of the work sheet of Carolina Crystal Company follow. Trial Balance Adjustments Account Title Debit Credit Debit Credit Cash. 7.300 Accounts
P5-9B The accounting records of Vanguard Security Systems at June 30, 20X2 list the fol- lowing: Cash Purchases of inventory. Freight in $ 13,600 98,100 4,300 Inventory: June 30, 20X1. $23,800 June
Case 1. Link Back to Chapter 4 (Classified Balance Sheet. Current Ratio. Debt Ratio). David Wheelis owns Heights Pharmacy, which has prospered during its second year of operation. In deciding whether
The employees of Ewald Systems made an error when they performed the inventory count at year end. October 31, 20X8. Part of one warehouse was not counted, and therefore its inventory was not included
Greg Ogden Belting Company makes all sales of industrial conveyor belts under terms of FOB shipping point. The company usually receives orders for sales approximately one week before shipping
This case uses both the income statement (statement of income) and the balance sheet of Target Corporation, in Appendix A. It will help you understand the closing process of a business with
With a small team of classmates, visit one or more actual merchandising businesses in your area. Interview a responsible official of the company to learn about its inventory policies and accounting
You can now compare prices for consumer electronics. personal computers, and entertainment software online by visiting the Best Buy and Circuit City Web sites. You can also compare their financial
The trial balance of State Service Company pertains to December 31, 20X3, which is the end of its year-long accounting period. Data needed for the adjusting entries includea. Supplies on hand at year
How long is the basic accounting period? What is a fiscal year?
What is an interim period? Not End DEC 31
Briefly explain the matching principle. x vs Rev
Why are adjusting entries made at the end of the accounting period?
On January 1. ABC Company pays $1.800 for an insurnce policy that covers three years. At the end of the first year, the balance of its Prepaid Insurance account contains two elements. What are the
The title Prepaid Expense suggests that this account is an expense. If it is. explain why. If it is not, what type of account is it?
The balance sheet reports plant assets at book value of $135,000 and accumulated depreciation of $65,000. What does book value of a plant asset mean? What was the cost of the plant assets?
Study Exhibit 3-1, and the related discussion on pages 83 and 84. Suppos Drugstore.com is preparing its income statement. Identify the amount of revenu Drugstore.com would report on its January
It's Just Lunch, the business featured at the beginning of this chapter, uses computer databases to help its clients meet each other. Suppose It's Just Lunch paid $2,900 for a Dell computer. Review
DE3-3 Intel Corporation produces the Pentium processor that is featured in many computers. Demand for Pentium processors is very strong. Suppose Intel has completed production of 2.000 processor
DE3-4 Return to the Intel Corporation situation described in Daily Exercise 3-3. Suppose that Intel has sold 2.000 Pentium processors to IBM. What will Intel record in order to apply the matching
DE3-5 Storage USA operates approximately 475 miniwarehouses across the United States. The company's headquarters are in Memphis, Tennessee. During 1998. Storage USA earned rental revenue of $217
DE3-6 At December 31, 1999, US Airways recorded Salary Expense and Salary Payable of $341 million, as shown on page 86. Suppose US Airways paid $350 million to its employees on January 3, 2000, the
DE3-7 Answer the following questions. 1. Prepaid expenses are discussed beginning on page 88. Focus on the accounting for pre- paid rent. Assume that Gay Gillen's initial $3,000 prepayment of rent on
DE3-8 + Link Back to Chapters 1 and 2 (Income Statement and Balance Sheet). It's Just Lunch uses computers for data searches. Suppose that on May 1 the company paid cash of $36.000 for Gateway
DE3-9 Suppose Gay Gillen borrowed $20,000 on October 1 by signing a note payable to Community One Bank. Gillen's interest expense for each month is $100. The loan agreement requires Gillen to pay
DE3-10 Return to the situation of Daily Exercise 3-9. Suppose you are accounting for the same transactions on the books of Community One Bank, which lent the money to Gay Gillen eTravel. Perform all
DE3-11 Write a paragraph to explain why unearned revenues are liabilities rather than revenues. In your explanation, use the following actual example: Southern Living Magazine collects cash from
DE3-12 Study the T-accounts in Exhibit 3-9. Panel C. on page 97. Focus on the Prepaid Rent account. Which amount in the Prepaid Rent account appeared on the unadjusted trial balance (Exhibit 3-10,
DE3-13 In the Adjustments columns of Exhibit 3-10, page 99. two adjustments affected Service Revenue. 1. Make journal entries for the two adjustments. Date each entry and include an explana- tion. 2.
DE3-14 Write a business memorandum to your supervisor explaining the difference between the unadjusted amounts and the adjusted amounts in Exhibit 3-10. page 99. Use Accounts Receivable in your
DE3-15 Refer to the adjusted trial balance in Exhibit 3-10. page 99. 1. Focus first on the unadjusted amounts. Compute the amount of total assets that Gay Gillen would have reported on the balance
DE3-16 Refer to the adjusted trial balance in Exhibit 3-10 page 99. 1. Focus first on the unadjusted amounts. Compute the amount of total revenues that Gay Gillen e Travel would have reported on the
E3-1 Homewood Suites had the following selected transactions during January: Jan. 1 Prepaid rent for three months, $2.700. Paid electricity expenses. $400. Received cash for the day's room rentals.
E3-2 Identify the accounting concept or principle (there may be more than one) that gives the most direction on how to account for each of the following situations:a. The owner of a business desires
E3-3 Write a memo to your supervisor explaining in your own words the need for adjusting entries at the end of the period. Cite two accounts that need to be adjusted. Adapt the format for a business
E3-4 Compute the amounts indicated by question marks for each of the following situations for Prepaid Insurance. For situations A and B. journalize the needed entry. Consider each situation
E3-5 Journalize the entries for the following adjustments at January 31. the end of the accounting period.a. Employee salaries owed for Monday and Tuesday of a five-day workweek: weekly payroll.

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