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Questions and Answers of Accounting

The following revenue and expense account balances were taken from the ledger of Infinet Services Co. after the accounts had been adjusted on January 31, 2010, the end of the current fiscal
FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2007: a. Prepare an income statement. b. Compare your income statement with
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
Selected accounts from the ledger of Picasso Sports for the current fiscal year ended June 30, 2010, are as follows: Prepare a statement of owner's equity for the year.
Identify each of the following as (a) A current asset or (b) Property, plant, and equipment:1. Accounts receivable 2. Building 3. Cash 4. Equipment5. Prepaid rent6. Supplies
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 should be classified on the
Optimum Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2010, the end of the current fiscal year, the balances of
List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year:a. Accounts Receivable b. Accumulated Depreciation—Equipment c. Depreciation
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
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 date, Laurie Engan, Capital has a
Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payable b. Accumulated Depreciation c. Bo Erath, Capital d. Bo Erath, Drawing e. Cash f.
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 arecorrect.
Rearrange the following steps in the accounting cycle in proper sequence:a. An unadjusted trial balance is prepared.b. Transactions are posted to the ledger.c. Transactions are analyzed and recorded
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
Homeland Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet (work sheet) for Homeland Security ServicesCo.
Based on the data in Exercise 4-23, prepare an income statement, statement of owner’s equity, and balance sheet for Homeland Security Services Co.
Based on the data in Exercise 4-22, prepare the adjusting entries for Homeland Security Services Co.
Based on the data in Exercise 4-23, prepare the closing entries for Homeland Security Services Co.
The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.: a. Compute the working capital and the current ratio as of December 31, 2007 and 2006. Round to
The following data (in thousands) were taken from recent financial statements of Starbucks Corporation: a. Compute the working capital and the current ratio as of September 30, 2007 and October 1,
Prison Watch Company offers legal consulting advice to prison inmates. Prison Watch Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at June 30, 2010, the
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
Lightworks Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lightworks Company prepared the end-of-period spreadsheet (work sheet) shown below at
Suspicions Company is an investigative services firm that is owned and operated by Curtis Graves. On November 30, 2010, the end of the current fiscal year, the accountant for Suspicions Company
What are the major advantages of the use of special journals?
In recording 400 fees earned on account during a single month, how many times will it be necessary to write Fees Earned (a) If each transaction, including fees earned, is recorded individually in a
How many postings to Fees Earned for the month would be needed in Eye Opener 3 if the procedure described in (a) Had been used; if the procedure described in (b) Had been used?
During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it.a. An invoice for $1,875 of supplies from Kelly Co. was recorded as
The Accounts Payable and Cash columns in the cash payments journal were unknowingly overstated by $900 at the end of the month. (a) Assuming no other errors in recording or posting, will the error
Assuming the use of a two-column general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions
What is an electronic form, and how is it used in a computerized accounting system?
Do computerized systems use controlling accounts to verify the accuracy of the subsidiary accounts?
The following revenue transactions occurred during February:Feb. 6. Issued Invoice No. 78 to Howard Co. for services provided on account, $490.9. Issued Invoice No. 79 to Hitchcock Inc. for services
The following revenue transactions occurred during August:Aug. 7. Issued Invoice No. 121 to Lincoln Co. for services provided on account, $5,410.15. Issued Invoice No. 122 to Triple A Inc. for
The debits and credits from two transactions are presented in the following customer account:NAME XTREME Products Inc.ADDRESS 46 W. Main St.Describe each transaction and the source of eachposting.
The debits and credits from two transactions are presented in the following customer account:NAME Airwave Communications Inc.ADDRESS 76 Oak Ridge Rd. Describe each transaction and the source of
The following purchase transactions occurred during October for Rehoboth Inc.:Oct. 4. Purchased office supplies for $105, on account from Office-to-Go Inc.16. Purchased office equipment for $2,460,
The following purchase transactions occurred during May for Amy's Catering Service: May 11. Purchased party supplies for $420, on account from Party Zone Supplies Inc. 19. Purchased party supplies
The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME Carnation Inc. ADDRESS 5000 Grand Ave. Describe each transaction and the source of
The debits and credits from two transactions are presented in the following supplier's (creditor's) account: NAME Da Vinci Computer Services Inc. ADDRESS 2199 Technology Avenue Describe each
The state of Ohio has a 5.5% sales tax. Buckeye Services Inc., an Ohio company, had two revenue transactions as follows:Aug. 7. Issued Invoice No. 121 to Manly Inc. for services provided on account,
Armor Security Services Inc. provides both commercial and residential security services on account. Two transactions are identified below.Dec. 1. Issued Invoice No. 862 to Matrix Inc. for security
Using the following revenue journal for Alpha Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for TEK Corp., which had a $620 beginning balance. In addition, there were
Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following
The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger. NAME Insite Design ADDRESS 1319 Elm
Patton Services Company had the following transactions during the month of June:June 2. Issued Invoice No. 201 to Thomas Corp. for services rendered on account, $290.3. Issued Invoice No. 202 to
The revenue journal for Hi Performance Consulting Inc. is shown below. The accounts receivable control account has a February 1, 2010, balance of $1,050 consisting of an amount due from Arnott Co.
The revenue and cash receipts journals for Eclipse Productions Inc. are shown below. The accounts receivable control account has an April 1, 2010, balance of $4,710, consisting of an amount due from
Transactions related to revenue and cash receipts completed by Tex Max Inc. during the month of March 2010 are as follows:Mar. 2. Issued Invoice No. 512 to Browne Co., $820.4. Received cash from CMI
Leo Corp. has $2,050 in the October 1 balance of the accounts receivable account consisting of $940 from Charles Co. and $1,110 from Tower Co. Transactions related to revenue and cash receipts
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger. Describe each transaction, and identify the source
Shield Security Company had the following transactions during the month of November: Nov. 4. Purchased office supplies from Office Universe Inc. on account, $480. 8. Purchased office equipment on
The purchases journal for See-Thru Window Cleaners Inc. is shown below. The accounts payable control account has a January 1, 2010, balance of $295 of an amount due from Lawson Co. There were no
The cash payments and purchases journals for Natural Creation Landscaping Co. are shown below. The accounts payable control account has an April 1, 2010, balance of $3,140, consisting of an amount
Transactions related to purchases and cash payments completed by Lake County Cleaning Services Inc. during the month of May 2010 are as follows:May 1. Issued Check No. 57 to Liquid Klean
Happy Tails Inc. has $615 in the December 1 balance of the accounts payable control account. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of
After Sierra Assay Services Inc. had completed all postings for July in the current year (2010), the sum of the balances in the following accounts payable ledger did not agree with the $36,950
Total Solutions Consulting Company makes most of its sales and purchases on credit. It uses the five journals described in this chapter (revenue, cash receipts, purchases, cash payments, and general
The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in theheadings.
Steinway Technical Services Inc. was established on June 15, 2010. The clients for whom Steinway provided technical services during the remainder of June are listed below. These clients pay
Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7.a. Identify the key input fields (spaces) in
For each of the following companies, determine if their e-commerce strategy is primarily business-to-consumer (B2C), business-to-business (B2B), or both. Use the Internet to investigate each
Starbucks Corporation reported the following geographical segment revenues for fiscal years 2007 and 2006: a. Prepare a horizontal analysis of the segment data using 2006 as the base year.b. Prepare
News Corporation is one of the world's largest entertainment companies that includes Twentieth Century Fox films, Fox Broadcasting, Fox News, the FX, and various satellite, cable, and publishing
What distinguishes a merchandising business from a service business?
In computing the cost of merchandise sold, does each of the following items increase or decrease that cost? (a) Freight, (b) Beginning merchandise inventory, (c) Purchase discounts, (d) Ending
Describe how the periodic system differs from the perpetual system of accounting for merchandise inventory.
Differentiate between the multiple-step and the single-step forms of the income statement.
What are the major advantages and disadvantages of the single-step form of income statement compared to the multiple-step statement?
What type of revenue is reported in the other income section of the multiple-step income statement?
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.
What is the nature of? (a) A credit memo issued by the seller of merchandise, (b) A debit memo issued by the buyer of merchandise?
Who bears the freight when the terms of sale are? (a) FOB shipping point, (b) FOB destination?
During the current year, merchandise is sold for $32,800 cash and $379,500 on account. The cost of the merchandise sold is $250,000. What is the amount of the gross profit?
During the current year, merchandise is sold for $375,000 cash and $815,000 on account. The cost of the merchandise sold is $700,000. What is the amount of the gross profit?
Based on the following data, determine the cost of merchandise sold for June:Merchandise inventory, June 1 $ 35,500Merchandise inventory, June 30
Based on the following data, determine the cost of merchandise sold for August:Merchandise inventory, August 1 $120,000Merchandise
Journalize the following merchandise transactions:a. Sold merchandise on account, $41,000 with terms 1/10, n/30. The cost of the merchandise sold was $22,500.b. Received payment less the discount.
Journalize the following merchandise transactions:a. Sold merchandise on account, $16,000 with terms 2/10, n/30. The cost of the merchandise sold was $9,600.b. Received payment less the discount.
Kosmos Company purchased merchandise on account from a supplier for $21,500, terms 1/10, n/30.Kosmos Company returned $1,500 of the merchandise and received full credit.a. If Kosmos Company pays the
Enduro Tile Company purchased merchandise on account from a supplier for $8,000, terms 2/10, n/30. Enduro Tile Company returned $3,500 of the merchandise and received full credit.a. If Enduro Tile
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Saddlebag Co. sold merchandise to Bioscan Co. on account, $17,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $10,000. Saddlebag Co. paid freight of $600 and later
Santana Co. sold merchandise to Birch Co. on account, $6,000, terms 2/15, n/30. The cost of the merchandise sold is $4,000. Santana Co. issued a credit memo for $800 for merchandise returned and
Retro Company’s perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $894,750 of merchandise is actually on
Hairology Company’s perpetual inventory records indicate that $120,500 of merchandise should be on hand on April 30, 2010. The physical inventory indicates that $115,850 of merchandise is actually
During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit
For (a) through (d), identify the items designated by “X” and “Y.”a. Purchases – (X + Y) = Net purchases.b. Net purchases + X = Cost of merchandise purchased.c. Merchandise inventory
The following data were extracted from the accounting records of Wedgeforth Company for the year ended November 30, 2010:Merchandise inventory, December 1, 2009
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010:
For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.a. What was the amount of net
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) Selling,(b) Administrative, or (c)
Summary operating data for Paper Plus Company during the current year ended June 30, 2010, are as follows: cost of merchandise sold, $4,000,000; administrative expenses, $500,000; interest expense,

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