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Questions and Answers of Accounting

Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).(a) Loss on the disposal of
Brady, Inc., reports the following for 2010:Income from continuing operations before income tax $500,000Extraordinary property loss from hurricane
For 2010, Wiglaf Technology Company reported its most significant decline in net income in years. At the end of the year, C. S. Lewis, the president, is presented with the following condensed
For 2010, Othere Technology Company initiated a sales promotion campaign that included the expenditure of an additional $20,000 for advertising. At the end of the year, George Wallace, the president,
The comparative financial statements of Optical Solutions Inc. are as follows. The market price of Optical Solutions Inc. common stock was $60.00 on December 31, 2010. InstructionsDetermine the
For 2010, Egils Inc. reported its most significant increase in net income in years. At the end of the year, David Dickens, the president, is presented with the following condensed comparative income
For 2010, Einar Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, David Heaney, the president, is
The comparative financial statements of Caylay Technologies Inc. are as follows. The market price of Caylay Technologies Inc. common stock was $40 on December 31, 2010.. InstructionsDetermine
How are revenues and expenses reported on the income statement under (a) The cash basis of accounting and (b) The accrual basis of accounting?
Fees for services provided are billed to a customer during 2009. The customer remits the amount owed in 2010. During which year would the revenues be reported on the income statement under (a) The
Employees performed services in 2009, but the wages were not paid until 2010. During which year would the wages expense be reported on the income statement under (a) The cash basis? (b) The accrual
Is the matching concept related to (a) The cash basis of accounting or (b) The accrual basis of accounting?
Is the cash balance on the unadjusted trial balance the amount that should normally be reported on the balance sheet? Explain.
Is the supplies balance on the unadjusted trial balance the amount that should normally be reported on the balance sheet? Explain.
Why are adjusting entries needed at the end of an accounting period?
What is the difference between adjusting entries and correcting entries?
Identify the four different categories of adjusting entries frequently required at the end of an accounting period.
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account, which of the following statements describes the effect of the credit portion of the entry?(a)
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following statements describes the effect of the debit portion of the
Does every adjusting entry have an effect on determining the amount of net income for a period? Explain.
What is the nature of the balance in the prepaid insurance account at the end of the accounting period? (a) Before adjustment?(b) After adjustment?
On July 1 of the current year, a business paid the July rent on the building that it occupies.(a) Do the rights acquired at July 1 represent an asset or an expense? (b) What is the justification for
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two
Classify the following items as (a) Prepaid expense, (b) Unearned revenue, (c) Accrued revenue, or (d) Accrued expense.1. A two-year premium paid on a fire insurance policy.2. Fees earned but not yet
The following accounts were taken from the unadjusted trial balance of Washington Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry.
The balance in the supplies account, before adjustment at the end of the year, is $1,736. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $813.
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts: Determine the
At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,
The balance in the prepaid insurance account, before adjustment at the end of the year, is $11,500. Journalize the adjusting entry required under each of the following alternatives for determining
The prepaid insurance account had a balance of $5,400 at the beginning of the year. The account was debited for $6,000 for premiums on policies purchased during the year. Journalize the adjusting
The balance in the unearned fees account, before adjustment at the end of the year, is $38,375. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is
At the end of February, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items
At the end of the current year, $8,140 of fees have been earned but have not been billed to clients.(a) Journalize the adjusting entry to record the accrued fees.(b) If the cash basis rather than the
The balance in the unearned fees account, before adjustment at the end of the year, is $112, 790. Of these fees, $69,735 have been earned. In addition, $13, 200 of fees have been earned but have not
The adjusting entry for accrued fees was omitted at March 31, the end of the current year. Indicate which items will be in error, because of the omission, on (a) The income statement for the current
Canyon Realty Co. pays weekly salaries of $3,700 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the
The wages payable and wages expense accounts at October 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Determine the
Accrued salaries of $4,950 owed to employees for December 30 and 31 are not considered in preparing the financial statements for the year ended December 31. Indicate which items will be erroneously
Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated,
Northwest Financial Services was organized on April 1 of the current year. On April 2, Northwest prepaid $4,500 to the city for taxes (license fees) for the next 12 months and debited the prepaid
The estimated amount of depreciation on equipment for the current year is $1,840. Journalize the adjusting entry to record the depreciation.
The balance in the equipment account is $925,700, and the balance in the accumulated depreciation–equipment account is $311,100.(a) What is the book value of the equipment?(b) Does the balance in
In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $7,223 million and Accumulated Depreciation of $4,179 million.(a) What was the book value of the fixed
For a recent period, the balance sheet for Circuit City Stores, Inc., reported accrued expenses of $464,511,000. For the same period, Circuit City reported income before income taxes of
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $1,022,000,000. The income before taxes for The Campbell Soup Company for the year was
The accountant for Mystic Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for(a) Unearned revenue earned during the year ($21,950) and(b) Accrued wages ($6,100).
If the net income for the current year had been $424,300 in Exercise 3-23, what would have been the correct net income if the proper adjusting entries had been made?
On December 31, a business estimates depreciation on equipment used during the first year of operations to be $12,200.(a) Journalize the adjusting entry required as of December 31.(b) If the
The unadjusted and adjusted trial balances for Glockenspiel Services Co. on March 31, 2010, are shown below.. Journalize the five entries that adjusted the accounts at March 31, 2010. None of the
The accountant for Rooster Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are
The following data (in millions) is taken from the financial statements of Williams- Sonoma for the years ending 2007 and 2006: (a) Determine the amount of change (in millions) and percent of
The following income statement data (in thousands) for Dell Inc. and Gateway, Inc., were taken from their recent annual reports: (a) Prepare a vertical analysis of the income statement for Dell.(b)
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.(a) Building (b) Cash(c) Interest Payable (d) Miscellaneous Expense (e) Nath Luken,
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.(a) Accumulated Depreciation (b) Klaire Reid, Drawing (c) Land (d) Salaries Payable (e)
Classify the following items as (1) Prepaid expense, (2) Unearned revenue, (3) Accrued revenue, or (4) Accrued expense.(a) Cash received for use of land next month (b) Fees earned but not received
Classify the following items as (1) Prepaid expense, (2) Unearned revenue, (3) Accrued revenue, or (4) Accrued expense.(a) Cash received for services not yet (b) Insurance paid (c) Rent revenue
The prepaid insurance account had a beginning balance of $6,000 and was debited for $7,200 of premiums paid during the year. Journalize the adjusting entry required at the end of the year assuming
The supplies account had a beginning balance of $1,815 and was debited for $3,790 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year assuming the
On October 1, 2009, Nautilus Co. received $15,300 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2009.
The balance in the unearned fees account, before adjustment at the end of the year, is $31,850. Journalize the adjusting entry required assuming the amount of unearned fees at the end of the year is
At the end of the current year, $12,400 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
At the end of the current year, $9,134 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Haifa Realty Co. pays weekly salaries of $29,100 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period assuming
Colossal Realty Co. pays weekly salaries of $19,375 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that
The estimated amount of depreciation on equipment for the current year is $5,500. Journalize the adjusting entry to record the depreciation.
The estimated amount of depreciation on equipment for the current year is $3,200. Journalize the adjusting entry to record the depreciation.
For the year ending February 28, 2009, Samaritan Medical Co. mistakenly omitted adjusting entries for (1) Depreciation of $4,100, (2) Fees earned that were not billed of $15,300, and (3) Accrued
For the year ending November 30, 2010, Towson Medical Services Co. mistakenly omitted adjusting entries for (1) $1,430 of supplies that were used, (2) Unearned revenue of $11,150 that was earned, and
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance
On August 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Cobalt Realty:(a) Fees accrued but unbilled at August 31 are $9,560.(b) The
Selected account balances before adjustment for Oval Realty at April 30, 2010, the end of the current year, are shown at the top of the next page. Data needed for year-end adjustments are as
Wind River Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the
Billy Board Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2010, the accountant for Billy Board Company prepared the following trial
Jacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.??s accounting clerk prepared the
At the end of July, the first month of operations, the following selected data were taken from the financial statements of Monita Forche, an attorney: Net income for July $135,800 Total assets at
On March 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Hackney Realty:(a) The supplies account balance on March 31 is $2,315. The
Selected account balances before adjustment for Perfect Realty at October 31, 2010, the end of the current year, are as follows:. Data needed for year-end adjustments are as follows:(a) Unbilled
Chinook Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data
Luxor Company specializes in the repair of music equipment and is owned and operated by Amy Busby. On November 30, 2010, the end of the current year, the accountant for Luxor Company prepared the
Misfire Company is a small editorial services company owned and operated by Pedro Borman. On August 31, 2010, the end of the current year, Misfire Company's accounting clerk prepared the unadjusted
At the end of April, the first month of operations, the following selected data were taken from the financial statements of Beth Cato, an attorney: Net income for April $125,750 Total assets at
Which of the following qualities are characteristic of fixed assets?(a) Tangible,(b) Capable of repeated use in the operations of the business,(c) Held for sale in the normal course of business,(d)
Quality IDs Company purchased plastic laminating equipment on July 1, 2008, for $15,660. The equipment was expected to have a useful life of three years, or 18,825 operating hours, and a residual
How does the accounting for a capital lease differ from the accounting for an operating lease?
The following transactions, adjusting entries, and closing entries were completed by Trail Creek Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
(a) Does the recognition of depreciation in the accounts provide a special cash fund for the replacement of fixed assets? Explain.(b) Describe the nature of depreciation as the term is used in
Is it necessary for a business to use the same method of computing depreciation(a) For all classes of its depreciable assets,(b) For financial statement purposes and in determining income taxes?
(a) Under what conditions is the use of an accelerated depreciation method most appropriate?(b) Why is an accelerated depreciation method often used for income tax purposes?(c) What is the Modified
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:(a) Timber rights on a tract of land were purchased for $1,170,000 on
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if
(a) Over what period of time should the cost of a patent acquired by purchase be amortized?(b) In general, what is the required accounting treatment for research and development costs?(c) How should
Based on the data in Exercise 10-12, determine the depreciation for the Kubota tractor for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the nearest
Based on the data in Exercise 10-13, determine the depreciation for the storage tank for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the nearest
Based on the data in Exercise 10-14, determine the depreciation for the sandblasting equipment for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the
A printing press priced at a fair market value of $300,000 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the
Assume the same facts as in Exercise 10-26, except that the book value of the press traded in is $127,750.(a) What is the amount of cash given?(b) What is the gain or loss on the exchange?
On October 1, Hot Springs Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $462,000. Hot Springs received a trade-in allowance of $96,000 on the old
On April 1, Gyminny Delivery Services acquired a new truck with a list price (fair market value) of $150,000. Gyminny received a trade-in allowance of $30,000 on an old truck of similar type and paid
Verizon Communications is a major telecommunications company in the United States. Verizon's balance sheet disclosed the following information regarding fixed assets: Verizon's revenue for 2007

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