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Accounting
Refer to the financial statement information of Chipotle reprinted at the back of the book.Required1. Using the format in Example 13-5, prepare common-size comparative income statements for 2015 and
This case should be completed after responding to the requirements in Decision Case 13-2. Refer to the financial statement information of Chipotle and Panera Bread reprinted at the back of the
Refer to the financial statement information of Panera Bread reprinted at the back of the book.Required1. Compute the following ratios and other amounts for each of the two years, ending December 30,
Diversified Industries is a large conglomerate that is continually in the market for new acquisitions. The company has grown rapidly over the last ten years through buyouts of medium-size companies.
Garden Fresh Inc. is a wholesaler of fresh fruits and vegetables. Each year, it submits a set of financial ratios to a trade association. Even though the association doesn't publish the individual
Presented here are a statement of income and retained earnings and comparative balance sheets for Gallagher, Inc., which operates a national chain of sporting goods stores.Gallagher, Inc.Statement of
The fundamental accounting equations for several businesses follow. Supply the missing amounts.
Indicate the impact of each of the transactions below on the fundamental accounting equation (Assets = Liabilities + Owner's Equity) by placing a "+" to indicate an increase and a "" to
The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July. Determine the amounts that would appear in Dr. Wells's balance sheet.1. Owes $21,000 to
The Copy Center had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The
The Computer Store had the following revenue and expenses during the month ended July 31. Did the firm earn a net income or incur a net loss for the period? What was the amount? Fees for computer
The following equation shows the effects of a number of transactions that took place at Brock Auto Repair Company during the month of July. Describe each transaction.
At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the
On July 1, Tommy Wrigley established Wrigley Home Appraisal Services, a firm that provides expert residential appraisals and represents clients in home appraisal hearings. INSTRUCTIONS Analyze the
Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the beginning of June, his firm's financial records showed the following assets, liabilities, and owner's
Taylor Equipment Repair Service is owned by Jason Taylor.INSTRUCTIONSUse the following figures to prepare a balance sheet dated February 28, 2019. (You will need to compute the owner's
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor CottonINSTRUCTIONS Analyze each transaction carefully. Prepare an income statement
On September 1, Sarah Dodd opened Tailor Made Tutoring Service. INSTRUCTIONS Analyze the following transactions. Use the fundamental accounting equation form to record the changes in property, claims
Rhonda Johnson owns Johnson's Consulting Service. At the beginning of September, her firm's financial records showed the following assets, liabilities, and owner's equity.INSTRUCTIONS Set up an
Ronald Thomas is opening a tax preparation service on December 1, which will be called Ronald's Tax Service. Thomas plans to open the business by depositing $25,000 cash into a business checking
The equation below shows the transactions of Kathryn Proctor, Attorney and Counselor at Law, during August. This law firm is owned by Kathryn Proctor.INSTRUCTIONS Analyze each transaction carefully.
The following account balances are for William Giese, Certified Public Accountant, as of April 30, 2019. Cash..........................................................................$60,000 Accounts
Richard Harris opened a gym and fitness studio called Body Builders Fitness Center at the beginning of November of the current year. It is now the end of December, and Harris is trying to determine
Review the following excerpt from the 2015 consolidated statement of income for Southwest Airlines Co. Answer the questions that follow.Analyze: 1. Although the format for the heading of an income
Anderson Cleaning Service has the following account balances on December 31, 2019. Set up a T account for each account and enter the balance on the proper side of the account.
Derrick Wells decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the
Using the account balances from Exercise 3.5, prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for
From the trial balance and the net income or net loss determined in Exercise 3.6, prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 2019.
The accounts that will be used by Dad & Sons Moving Company follow. Prepare a chart of accounts for the firm. Classify the accounts by type, arrange them in an appropriate order, and assign suitable
The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. INSTRUCTIONS For each transaction, set up T accounts from this list: Cash; Office
The following occurred during June at Hicks Family Counseling. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on the top
The following accounts and transactions are for Randy Guttery, Landscape Consultant. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. INSTRUCTIONS Use the figures in the T accounts for Problem 3.4A to prepare a trial balance,
The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each transaction, set up T accounts. Record the effects of
The following transactions took place at Oilfield Equipment Service. INSTRUCTIONS For each transaction, set up T accounts from the following list: Cash; Shop Equipment; Store Equipment; Truck;
The following transactions took place at Brown-Huddleston Laundry and Cleaners. INSTRUCTIONS Analyze each of the transactions. For each transaction, decide what accounts are affected and set up T
At the beginning of the summer, Brent Davis was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the
Brenda Jo Smith is an architect who operates her own business. The accounts and transactions for the business follow. INSTRUCTIONS (1) Analyze the transactions for January 2019. Record each in the
Selected accounts from the general ledger of the Ray Shipping Service follow. Analyze the following transactions and indicate by number what accounts should be debited and credited for each
Selected accounts from the general ledger of Mason Consulting Services follow. Record the general journal entries that would be made to record the following transactions. Be sure to include dates and
Post the journal entries that you prepared for Exercise 4.2 to the general ledger. Use the account names shown in Exercise 4.2. In exercise 101 Cash 111 Accounts Receivable 121 Supplies 131
The following transactions took place at the Cook Employment Agency during November 2019. Record the general journal entries that would be made for these transactions. Use a compound entry for each
On June 10, 2019, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of $2,000 for the May utility service. The error was
On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account rather than the Truck Expense account when recording a bill of $900 for repairs. The error was discovered
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment
On October 1, 2019, Helen Kennedy opened an advertising agency. She plans to use the chart of accounts listed below.INSTRUCTIONS1. Journalize the transactions. Number the journal page 1, write the
The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting.INSTRUCTIONSExamine the journal entries carefully
Four transactions for Automotive Maintenance and Repair Shop that took place in November 2019 appear below, along with the general ledger accounts used by the company.INSTRUCTIONSRecord the
The transactions listed below took place at Moore Building Cleaning Service during September 2019. This firm cleans commercial buildings for a fee. INSTRUCTIONS Analyze and record each transaction in
In June 2019, Ian Lee opened a photography studio that provides services to public and private schools. His firm's financial activities for the first month of operations and the chart of accounts
All the journal entries shown below contain errors. The entries were prepared by an employee of New Bellmont Corporation who does not have an adequate knowledge of accounting.INSTRUCTIONSExamine the
Several transactions that occurred during December 2019, the first month of operation for Wilner's Accounting Services, follow. The company uses the general ledger accounts listed
James Wilson is a new staff accountant for Zoie's Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement
On June 1, 2019, Jenna Davis opened the Leadership Coaching Agency. She plans to use the chart of accounts given below.INSTRUCTIONS1. Journalize the transactions. Be sure to number the journal pages
Review the following excerpt taken from the Walmart consolidated balance sheet as of January 31, 2016. Walmart Stores, Inc. Consolidated Balance Sheet January 31, 2016 (Amounts in
Determine the necessary end-of-June adjustments for Cain Company. 1. On June 1, 2019, Cain Company, a new firm, paid $8,400 rent in advance for a seven-month period. The $8,400 was debited to the
For each of the following situations, determine the necessary adjustments. 1. A firm purchased a three-year insurance policy for $13,500 on July 1, 2019. The $13,500 was debited to the Prepaid
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. Prepare the worksheet through the Adjusted Trial Balance section. Assume that every account has the
Assume that a firm reports net income of $45,000 prior to making adjusting entries for the following items: expired rent, $3,500; depreciation expense, $4,100; and supplies used, $1,800. Assume that
Desoto Company must make three adjusting entries on December 31, 2019.a. Supplies used, $5,500 (supplies totaling $9,000 were purchased on December 1, 2019, and debited to the Supplies account).b.
The trial balance of Neal Company as of January 31, 2019, after the company completed the first month of operations, is shown in the partial worksheet below.INSTRUCTIONS1. Record the trial balance in
The adjusted trial balance of University Book Store as of November 30, 2019, after the firm's first month of operations, appears on the next page.Appropriate adjustments have been made for the
The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears across the tops of pages 152-153. INSTRUCTIONS 1. Prepare
Paula Judge owns Judge Creative Designs. The trial balance of the firm for January 31, 2019, the first month of operations, is shown below.INSTRUCTIONSComplete the worksheet for the month.Prepare an
The trial balance of Martinez Company as of February 28, 2019, appears below.INSTRUCTIONS 1. Record the trial balance in the Trial Balance section of the worksheet. 2. Complete the worksheet by
The adjusted trial balance of Kelvin Newton, Attorney-at-Law, as of November 30, 2019, after the company had completed the first month of operations, appears below. Appropriate adjustments have been
The completed worksheet for JP's Accounting Services for the month ended December 31, 2019, appears on pages 156-157. INSTRUCTIONS 1. Prepare an income statement. 2. Prepare a statement of owner's
Sam Nix owns Nix Estate Planning and Investments. The trial balance of the firm for June 30, 2019, the first month of operations, is shown below.INSTRUCTIONS1. Complete the worksheet for the month.2.
Assume you are the accountant for Austin Industries. Ellis Austin, the owner of the company, is in a hurry to receive the financial statements for the year ended December 31, 2019, and asks you how
The account balances for the Patterson International Company on January 31, 2019, follow. The balances shown are after the first month of operations.INSTRUCTIONS1. Prepare the Trial Balance section
DuPont reported depreciation expense of $1,466 million on its consolidated financial statements for the period envded December 31, 2015. The following excerpt is taken from the company's
On December 31, 2019, the ledger of Lopez Company contained the following account balances:All the accounts have normal balances. Journalize the closing entries. Use 4 as the general journal page
Consumer Research Associates, owned by Gloria Johnson, is retained by large companies to test consumer reaction to new products. On January 31, 2019, the firm's worksheet showed the following
A completed worksheet for The King Group is shown below.INSTRUCTIONS1. Record balances as of December 31, 2019, in the ledger accounts.2. Journalize (use 3 as the page number) and post the adjusting
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:101 Cash.......................................................................................$
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner's home, follows.INSTRUCTIONS1. Record balances as of December 31 in the ledger accounts.2.
Williams Cleaning and Maintenance, owned by Erica Williams, provides cleaning services to hotels, motels, and hospitals. On January 31, 2019, the firm's worksheet showed the following adjustment
A completed worksheet for Cedar Valley Nursery and Landscape is shown below.INSTRUCTIONS1. Record the balances as of December 31 in the ledger accounts.2. Journalize (use 3 as the page number) and
On December 31, after adjustments, The Dexter Family Farm's ledger contains the following account balances.101
A partially completed worksheet for Roy Anderson, CPA, for the month ending June 30, 2019, is shown below.INSTRUCTIONS1. Record the balances as of June 30 in the ledger accounts.2. Prepare the
The Trial Balance section of the worksheet for Contemporary Fashions for the period endedDecember 31, 2019, appears below. Adjustments data are also given.ADJUSTMENTSa. Supplies used, $3,600b.
In 2015, CSX Corporation, which operates under the name Surface Transportation, reported operating expenses of $8,227 million. A partial list of the company's operating expenses follows. CSX
1. Use the final balances of the customer accounts after completing Exercise 7.9 to prepare a schedule of accounts receivable for Calderone Company at January 31, 2019. 2. Should the total of your
Tsang Corporation operates in a state with no sales tax. Record the following transactions in a general journal:
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500
Record the following transactions of Lisa's Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with no sales tax. DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise
Vicente Company made sales using the following list prices and trade discounts. What amount should be recorded for each sale? 1. List price of $800 and trade discount of 20 percent. 2. List price of
Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale? 1. List price of $6,000 and trade discounts
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.Assume
The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2019 follow. The firm sells its merchandise for cash
1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as of April 1, 2019.2. Post the entries from the general journal in Problem 7.4A to the
Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using
Regal Business Supplies began operations October 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 5 percent sales tax. During October, Regal Business
Appliances for Less began operations November 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During November, Appliances for Less
The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 2019 follow. The firm sells its
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