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financial accounting an introduction

Questions and Answers of Financial Accounting An Introduction

Journalize the following transactions for Antique Furniture, Inc., that occurred during the month of April. Antique Furniture’s cost of inventory is 70% of the sales price. Apr 3 Sold $2,100 of
The following transactions occurred during April 2010, for Sandy Salon Products, Inc.:Requirement 1. Journalize the April transactions for Sandy Salon Products, Inc. Omit explanations. Apr 3
The account balances for Great Gadget, Inc., for the year ended December 31, 2010, are presented next in random order:Requirements 1. Prepare Great Gadget’s single-step income statement.2. Would
Use the data for Great Gadget, Inc., from 4-32B.Requirements 1. Prepare Great Gadget’s multi-step income statement.2. Calculate the gross profit percentage.3. The gross profit percentage for 2009
Use the data for Great Gadget, Inc., from E4-32B.Requirements 1. Prepare Great Gadget’s classified balance sheet. Use the account format. The balance shown for retained earnings represents the
Sunny Day Sunlamps, Inc., had Sales Revenue of $53 million, Sales Returns and Allowances of $2 million, and Sales Discounts of $0.3 million in 2010. Cost of goods sold was $23 million, and net income
The following purchase related transactions for Axiom, Inc., occurred during the month of February.Requirement 1. Journalize the transactions for Axiom, Inc. Omit explanations. Feb 3 Purchased $5,400
The following sale related transactions for PDR, Inc., occurred during the month of June.Requirement 1. Journalize the transactions for PDR, Inc. Omit explanations. Jun 3 Sold $3,200 (cost $2,100) of
The following transactions occurred between Kinzer Furniture and M & L Furniture Warehouse during May of the current year:Requirements 1. Journalize these transactions on the books of Kinzer
The following transactions for Liberty Tire, Co., occurred during October:Requirements 1. Journalize the transactions on the books of Liberty Tire, Co.2. What was Liberty Tire’s gross profit for
The adjusted trial balance for Sparky’s Electrical Supply, Inc., as of November 30, 2010, is presented next:Requirements 1. Prepare the multi-step income statement for November for Sparky’s
The account balances for the year ended December 31,2010, for Williams Industries are listed next:Requirements 1. Prepare Williams’ Industries’ multi-step income statement.2. Prepare Williams’
The account balances for the year ended December 31,2010, for Williams Industries are listed next:Requirements 1. Calculate the gross profit percentage for Williams Industries for the year.2. The
The following purchase related transactions for Lavery, Inc., occurred during the month of September.Requirement 1. Journalize the transactions for Lavery, Inc. Omit explanations. Sep 3 Purchased
The following sale related transactions for Beautiful Decor, Inc., occurred during the month of April.Requirement 1. Journalize the transactions for Beautiful Decor, Inc. Omit explanations. Apr 3
The following transactions occurred between Retro Furniture and E & S Furniture Warehouse during October of the current year:Requirements 1. Journalize these transactions on the books of Retro
The following transactions for Best Deal Tire, Co., occurred during May:Requirements 1. Journalize the transactions on the books of Best Deal Tire, Co.2. What was Best Deal Tire’s gross profit for
The adjusted trial balance for CED Electric, Inc., as of June 30, 2010, is presented next:Requirements 1. Prepare the multi-step income statement for June for CED Electric, Inc.2. Calculate the gross
The accounts of for the year ended March 31,2010, for Clark Industries, Inc. are listed next:Requirements 1. Prepare Clark Industries’ multi-step income statement.2. Prepare Clark Industries’
The income statement and balance sheet for Clark Industries at March 31, 2010, are presented next:Requirements 1. Calculate the gross profit percentage for Clark Industries for the year.2. The gross
If a company had two units that cost \($1\) each in its beginning inventory and purchased two more units for \($2\) each, what would be the gross profit reported on the income statement under each of
Describe some business and economic conditions that might make the lower-of-cost- or-market rule more likely to be used.
How many accounts are involved in recording the sale of merchandise on credit?
What kind of account is Sales Returns and Allowances? Where would it appear on the financial statements?
Which account does a merchandiser use that a service company does not use?a. Cost of goods soldb. Inventory C. Sales revenued. All of the above
The journal entry for the purchase of $900 of inventory on account is as follows: DATE ACCOUNTS POST REF. DR. CR. a. Cost of Goods Sold 900 900 9 b. C. Accounts Payable Inventory Accounts Payable
Apex Electrical Supply, Inc., purchased inventory for \($2,000\) and also paid \($125\) freight to have the inventory delivered. Apex Electrical Supply, Inc., returned \($500\) of the goods to the
Suppose Bonzai Boards, Inc., had sales of \($180,000\) and sales returns of \($22,000.\) Cost of goods sold was \($110,000.\) How much gross profit did Bonzai Boards, Inc., report?a.
Suppose Apex Electrical Supply’s Inventory account showed a balance of \($43,000.\) A physical count showed \($41,800\) of goods on hand. To adjust the inventory account, Apex Electrical Supply,
If Bonzai Boards, Inc., returned $3,600 of snowboards to a supplier it would record the transaction as follows: DATE a. ACCOUNTS Cost of Goods Sold Inventory b. Accounts Payable Sales Returns and
An asset is classified as current if ita. was purchased within the last six months.b. will become cash, be sold, or be used up within 12 months.C. was purchased with cash.d. will last longer than one
The income statement format that shows important subtotals is referred to asa. a classified income statement.b. a single-step income statement.C. a multi-step income statement,d. a subtotaled income
Suppose Bonzai Boards, Inc., had sales of \($210,000\) and sales returns of \($18,000.\) Cost of goods sold was \($125,000.\) What was Bonzai Boards’ gross profit percentage (rounded) for this
Match the accounting term with the corresponding definition. 1. Accrual basis accounting 2. Matching principle 3. Revenue recognition principle 4. Fiscal period a. Any consecutive 12-month period. b.
Match the accounting term with the corresponding definition. 1. Accumulated depreciation 2. Adjusted trial balance 3. Adjusting entry 4. Book value 5. Contra- account 6. Depreciation 7. Long-term
Alpine Ski Shop’s Prepaid Rent balance is $4,500 on June 1. This prepaid rent rep¬ resents six months’ rent. Journalize and post the adjusting entry on June 30 to record one month’s rent.
Journalize the following adjusting entries at December 31:1. Services provided but not recorded, $1,500.2. Salaries earned by employees but not recorded, $2,300.3. Accrued interest on a note payable,
The following selected accounts and balances appear on the adjusted trial balance for Ray Service, Inc., on December 31, 2010:1. What is the net income or net loss?2. What is the change in Retained
After closing its accounts at October 31,2010, Simmons Realty, Inc., had the following account balances:Prepare Simmons Realty’s post-closing trial balance at October 31,2010. List accounts in
Suppose you started up your own landscaping business. A customer paid you $175 in advance to mow his or heV lawn while he or she was on vacation. You performed landscaping services for a local
The adjusting entries for the following adjustments were omitted at year-end:a. Prepaid insurance expired, $2,400.b. Depreciation, $1,800.c. Employee salaries owed for Monday through Wednesday of a
The accountant for Flenderson Roofing, Inc., posted adjusting entries (a) through (e) to the accounts at December 31, 2010. Selected balance sheet accounts and all the revenues and expenses of the
Sigma Security, Inc., began the year with $15,000 of common stock and $32,000 of retained earnings. On May 5, investors bought $12,000 of additional stock in the business. On August 22, the business
The adjusted trial balances of PDQ, Inc., at December 31,2010, and December 31, 2011, include these amounts:Requirement 1. Compute the amount of supplies expense, salary expense, and service revenue
The adjusted trial balance for Country Cookin Catering, Inc., is presented next. Prepare the income statement, statement of retained earnings, and balance sheet for Country Cookin Catering, Inc., for
Prepare closing entries.Requirements 1. Using the following selected accounts of A to Z Electrical, Inc., at April 30, 2010, prepare the entity’s closing entries:2. What is A to Z Electrical’s
From the following accounts of Kurlz Salon, Inc., prepare the business’s statement of retained earnings for the year ended December 31, 2010: Retained Earnings Dividends Clo 95,000 Jan 1 188,000
The following is the adjusted trial balance of Qwik Care Clinic, Inc., for December 31,2010.Requirement 1. Journalize the closing entries at December 31. Qwik Care Clinic, Inc. Adjusted Trial Balance
Suppose you started up your own landscaping business. A customer paid you $120 in advance to mow his or her lawn while he or she was on vacation. You performed landscaping services for a local
The adjusting entries for the following adjustments were omitted at year-end:a. Prepaid rent expired, $2,500.b. Depreciation, $1,000.c. Employee salaries owed for Monday through Wednesday of a
The accountant for Metal Main, Inc., posted adjusting entries (a) through (e) to the accounts at August 31, 2010. Selected balance sheet accounts and all the rev¬ enues and expenses of the entity
Zeta Safety, Inc., began the year with $15,000 of common stock and $34,000 of retained earnings. On August 5, investors bought $19,000 of additional stock in the business. On October 22, the business
The adjusted trial balances of CAS, Inc., at March 31,2010, and March 31, 2011, include these amounts:Requirement 1. Compute the amount of supplies expense, salary expense, and service revenue CAS,
The adjusted trial balance for Spruce Up Catering, Inc., is presented next. Prepare the income statement, statement of retained earnings, and balance sheet for Spruce Up Catering, Inc., for the month
Requirements 1. Using the following selected accounts of Juba Electrical, Inc., at September 30, 2010, prepare the entity’s closing entries:2. What is Juba Electrical’s ending Retained Earnings
From the following accounts of Resch Restore, Inc., prepare the business’s statement of retained earnings for the year ended January 31, 2010: Retained Earnings Dividends Clo Clo 110,000 Feb 1
The following is the adjusted trial balance of Flappy Health, Inc., for August 31,2010.Requirement 1. Journalize the closing entries at August 31. Happy Health, Inc. Adjusted Trial Balance August
Assume the unadjusted and adjusted trial balances for Kristy’s Consulting, Inc., at June 30, 2010, show the following data:Requirement 1. Journalize the adjusting entries that account for the
The trial balance of Alpha Advertising, Inc., at November 30, 2010, and the data needed for the month-end adjustments follow:a. Insurance coverage still remaining at November 30, $300.b. Supplies
Helgeson Enterprises, Corp., completed the following selected transactions and prepared these adjusting entries during January:2. Compute January net income or net loss under the accrual basis of
The adjusted trial balance of Lighthouse Realty, Inc., at December 31,2010, follows:Requirements 1. Prepare Lighthouse Realty’s 2010 income statement, statement of retained earnings, and year-end
The June 30, 2010, adjusted trial balance of Energized Espresso, Inc., is shown next.Requirements 1. Prepare the June closing entries for Energized Espresso, Inc.2. Calculate the ending balance in
Assume the unadjusted and adjusted trial balances for Milky Way Theater, Inc., at November 30, 2010, show the following data:Requirement 1. Journalize the adjusting entries that account for the
The trial balance of Nina’s Novelty, Inc., at September 30, 2010, and the data needed for the month-end adjustments follow:a. Insurance coverage still remaining at September 30, $800.b. Supplies
Moore, Corp., completed the following selected transactions and prepared these adjusting entries during May:Requirements 1.State whether the transaction would increase revenues, decrease revenues,
The adjusted trial balance for Destination Realty, Inc., at October 31, 2010, follows:Requirements 1. Prepare Destination Realty’s income statement, statement of retained earnings, and year-end
The September 30, 2010, adjusted trial balance of Java Jolt, Inc., is shown next.Requirements 1. Prepare the September closing entries for Java Jolt, Inc.2. Calculate the ending balance in Retained
The revenue recognition principle saysa. record revenue only after you have earned it.b. record revenue only when you receive cash.c. match revenues and expenses in order to compute net income.d.
Adjusting the accounts is the process ofa. recording transactions as they occur during the period.b. updating the accounts at the end of the period.C. zeroing out account balances to prepare for the
Which of the following terms describe the types of adjusting entries?a. Deferrals and depreciationb. Expenses and revenues C. Deferrals and accrualsd. Prepaid expenses and prepaid revenues
Assume that the weekly payroll of IDT, Inc., is $3,500. December 31, the end of the year, falls on Tuesday, but the company won’t pay employees for the full week until its usual payday, Friday.
Unearned Revenue is alwaysa. a liability.b. revenue.C. an asset.d. stockholders’ equity.
The adjusted trial balance showsa. amounts that may be out of balance.b. revenues and expenses only.C. assets, liabilities, and common stock only,d. amounts that are ready for the financial
Which of the following accounts is not closed?a. Salary Expenseb. Service Revenue C. Accumulated Depreciation, Equipmentd. Dividends
What do closing entries accomplish?a. Transfer revenues, expenses, and dividends to retained earningsb. Zero out the revenues, expenses, and dividends to prepare them for the next period C. Bring the
Which correctly represents the flow of information from one financial statement to another?a. Income statement to the statement of retained earningsb. Statement of retained earnings to the balance
The left side of an account is used to recorda. debits.b. credits.C. debits or credits, depending on the type of account,d. increases.
Suppose Sunshine Florists, Inc., has cash of \($40,000,\) receivables of \($30,000,\) and furniture and fixtures totaling \($170,000.\) Sunshine Florists, Inc., owes \($60,000\) on account and has a
Lori’s Catering, Inc., purchased $400 of supplies on account. The journal entry to record this transaction is denoted by which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Inventory 400
Posting a $800 purchase of supplies on account appears as which of the following? a. Supplies 800 Accounts Receivable 800 C. Supplies 800 Accounts Payable 800 b. Supplies Accounts Payable d. Cash
Which journal entry records obtaining a bank loan of $15,000? DATE ACCOUNTS POST REF. DR. CR. a. Notes Payable 15,000 Accounts Receivable 15,000 b. Notes Payable Cash 15,000 15,000 C. Cash Notes
S & S Janitorial, Inc., paid \($600\) for supplies and purchased additional supplies on account for \($800.\) S & S Janitorial, Inc., also paid \($300\) of the accounts payable. What is the balance
The Blue Ox Restaurant recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?a. Too much for liabilitiesb. Too much
Tim Walters, an attorney, had a law corporation, Tim Walters, Attorney, Inc., that began the year with total assets of \($110,000,\) total liabilities of \($80,000,\) and stockholders’ equity of
The entry to record the payment of $1,200 rent expense would be which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Rent Expense 1,200 Accounts Payable 1,200 b. Cash 1,200 Rent Expense 1,200
IPW, Inc., began operations on January 1, 2010. The seven transactions recorded during January by the company accountant, are shown in the following T-accounts:Complete the following table. For each
Shawn Andrews opened a dental practice in Spokane, Washington as a corporation. The following transactions took place in June:Using the steps outlined in the five-step transaction analysis, record
After operating for a month, Shawn Andrews’ dental practice completed the following transactions during July:Using the steps outlined in the five-step transaction analysis, record the transactions
The accounting records for Airborne Services, Corp., contain the following amounts on December 31,2010. The accounts appear in no particular order.Prepare the trial balance for Airborne Services at
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Alread Plumbing, Inc. Explanations are not required. Feb 1 Paid interest
Williams & Associates, Inc., completed the following transactions during October 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Little Tykes Daycare, Inc., for the month of January 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for
Baldwin Realty, Inc., had the following transactions for the month of May, 2010.The following T-accounts have been set up, for Baldwin Realty, Inc., with their beginning balances as of May
The transactions for Crazy Curlz, Inc., for the month of June 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
McDonald Consulting, Inc., completed the following transactions during December 2010, its first month of operations:Requirements 1. Open, or set up, T-accounts in the ledger: Cash, Accounts
Julie Palmer has trouble keeping her debits and credits equal. During a recent month, Julie made the following errors:a. Julie recorded a $750 payment of rent by debiting rent expense for $75 and
The following are six journal entries Keene Engineering, Inc., made during the month of April.Requirement 1. For each transaction shown, determine the accounts affected, the type of account, whether
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Laverden Plumbing, Inc. Explanations are not required. May 1 5 Paid
Welch & Associates, Inc., completed the following transactions during September 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Learning Fun Daycare, Inc., for the month of May 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for Learning

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