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Questions and Answers of
Financial And Managerial Accounting
Old Faithful Carpets’ books show the following data. In early 2027, auditors found that the ending merchandise inventory for 2024 was understated by $6,000 and that the ending merchandise inventory
Golden Cycles started August with 12 bicycles that cost $42 each. On August 16, Golden purchased 40 bicycles at $68 each. On August 31, Golden sold 36 bicycles for $84 each.Requirements 1.
Golden Cycles started August with 12 bicycles that cost $42 each. On August 16, Golden purchased 40 bicycles at $68 each. On August 31, Golden sold 36 bicycles for $84 each.Requirements 1.
Specialty Steel began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory transactions: Requirements 1. Prepare a perpetual
Ainslee Electronic Center began October with 90 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: Ainslee Electronic Center uses the periodic
Some of L and L Electronics’ merchandise is gathering dust. It is now December 31, 2025, and the current replacement cost of the ending merchandise inventory is $20,000 below the business’ cost
Island Cabin Rentals reported the following selected amounts in its post-closing trial balance as of December 31, 2024, and December 31, 2025. All accounts have normal balances. Requirements 1.
Streamlined Electronic Center began October with 80 units of merchandise inventory that cost $57 each. During October, the store made the following purchases: Streamlined Electronic Center uses the
Lyam Kasey Carpets’ books show the following data. In early 2027, auditors found that the ending merchandise inventory for 2024 was understated by $4,000 and that the ending merchandise inventory
Some of P and Y Electronics’ merchandise is gathering dust. It is now December 31, 2025, and the current replacement cost of the ending merchandise inventory is $30,000 below the business’ cost
Jessica Davis sells furniture for Shaw Furniture Company. Davis is having financial problems and takes $650 that she received from a customer. She rang up the sale through the cash register. What
The Cash account of Simple Security Systems reported a balance of $2,470 at December 31, 2025. There were outstanding checks totaling $700 and a December 31 deposit in transit of $100. The bank
Henderson Corporation operates four bowling alleys. The business just received the October 31, 2025, bank statement from First National Bank, and the statement shows an ending balance of $905. Listed
The unadjusted trial balance of Paca Investment Advisers at December 31, 2025, follows:Adjustment data at December 31, 2025: a. Unearned Revenue earned during the year, $400. b. Supplies on hand,
Murphy Delivery Service completed the following transactions during December 2025: Requirements 1. Record each transaction in the journal using the following chart of accounts. Explanations are not
Hermine Hair Stylists’ adjusted trial balance follows. Prepare Hermine Hair Stylists’ income statement for the year ended December 31, 2025. HERMINE HAIR STYLISTS Adjusted Trial
The adjusted trial balance of Vinny’s Dance Studio Company follows: Requirements 1. Prepare the classified balance sheet of Vinny’s Dance Studio Company at August 31, 2025. Use the report form.
Idaho Refrigeration has these account balances at December 31, 2025: Requirements 1. Calculate Idaho Refrigeration’s current ratio. 2. How much in current assets does Idaho Refrigeration have
The net income of Steinbach & Sons, a landscaping company, decreased sharply during 2025. Mort Steinbach, owner and manager of the company, anticipates the need for a bank loan in 2026. Late in
The unadjusted trial balance of Emmitt Music Studio at December 31, 2025, and the data needed for the adjustments follow.Adjustment data at December 31 follow: a. As of December 31, Emmitt Music
Moon Theater Production Company’s partially completed worksheet as of December 31, 2025, follows. Adjustment data at December 31 follow: a. As of December 31, Moon Theater Production Company had
The unadjusted trial balance of Turbo IT Services at December 31, 2025, and the data needed for the adjustments follow.Adjustment data at December 31 follow: a. On December 15, Turbo IT Services
Star Theater Production Company’s partially completed worksheet as of December 31, 2025, follows. Adjustment data at December 31 follow: a. As of December 31, Star Theater Production Company had
The unadjusted trial balance of Seong-Jin Music Studio at December 31, 2025, and the data needed for the adjustments follow.Adjustment data at December 31 follow: a. As of December 31, Seong-Jin
Hook’em Fishing Charters has collected the following data for the December 31 adjusting entries:a. The company received its electric bill on December 20 for $230 but will not pay it until January
Braids by Sabrina has begun the preparation of its worksheet as follows: Year-end data include the following: a. Supplies on hand, $300. b. Depreciation, $1,000. c. Accrued interest expense,
Raymundo’s Catering completed the following selected transactions during May: Requirements 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis
Hildred’s Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Prepare the adjusted trial balance for Hildred’s Tax
Lekha Rao, M.D., reported the following unadjusted trial balance as of September 30, 2025: Calculate the debt ratio for Lekha Rao, M.D Account Title Cash LEKHA RAO, M.D. Unadjusted Trial
Green Park Senior Center has a weekly payroll of $10,000. December 31 falls on Thursday, and Green Park Senior Center will pay its employees the following Monday (January 4) for the previous full
On May 1, Janeka Clothing Exchange paid cash of $54,000 for computers that are expected to remain useful for three years. At the end of three years, the value of the computers is expected to be
XM, Ltd. was a small engineering firm that built high-tech robotic devices for electronics manufacturers. One very complex device was partially completed at the end of 2025. Barb McLauren, head
The T-accounts of Kalaya Spa follow as of May 31, 2025. Prepare Kalaya Spa’s unadjusted trial balance as of May 31, 2025. ASSETS Cash 20,000 10,000 22,000 500 800 5,000 1,800 3,100 Accounts
Gage Street Homes had the following cash transactions for the month ended July 31, 2025.Prepare the statement of cash flows for Gage Street Homes for the month ended July 31, 2025. Cash
Sacramento Optical completed the following transactions during the latter part of March: Requirements 1. Journalize the transactions of Sacramento Optical. Include an explanation with each journal
Flora Cuéllar opened a medical practice in Sacramento, California, and had the following transactions during the month of January.Journalize the transactions of Flora Cuéllar, M.D. Include an
Juliana Sales Consultants completed the following transactions during the latter part of January: Journalize the transactions of Juliana Sales Consultants. Include an explanation with each journal
The first nine transactions of South-West Airplane Repair have been posted to the T-accounts. Provide an explanation for each of the nine transactions. ASSETS (4) Cash (1) 400,000 200,000 (2)
Oregon Construction reported the following summarized data at December 31, 2025. Accounts appear in no particular order and all have normal balances.Prepare the unadjusted trial balance of Oregon
The unadjusted trial balance of Carmina Stevens, Web Designer, is dated August 31, 2025: During September, the business completed the following transactions: Requirements 1. Record each
The accounts of Burunsuzyan Law Office follow with their normal balances as of August 31, 2025. The accounts are listed in no particular order.Prepare Burunsuzyan Law Office’s unadjusted trial
Dumbo Moving Company had the following total assets, liabilities, and equity as of October 31: What is Dumbo Moving Company’s debt ratio as of October 31? Assets Liabilities Equity $
Kaia Mechanics has the following accounts: Create a chart of accounts for Kaia Mechanics using the standard numbering system. Each account is separated by a factor of 10. For example, the first
The following unadjusted trial balance of Tristar Investigations as of May 31, 2025, does not balance. Investigation of the accounting records reveals that the accountant: a. Recorded a $500 cash
Celeste Lafrance opened a law office on January 1, 2025. During the first month of operations, the business completed the following transactions: Requirements 1. Record each transaction in the
The unadjusted trial balance of Reed Financial Advisors is dated March 31, 2025: During April, the business completed the following transactions: Requirements 1. Record the April transactions in
The accountant for Jungle Pet Grooming is having a hard time preparing the unadjusted trial balance as of November 30, 2025: Prepare the corrected unadjusted trial balance as of November 30, 2025.
The unadjusted trial balance as of July 31, 2025, for Kristin Carrillo, Registered Dietician, is presented here: Requirements 1. Prepare the income statement for the month ended July 31, 2025. 2.
The unadjusted trial balance of Caleb Rodgers, Web Designer, is dated October 31, 2025: During November, the business completed the following transactions: Requirements 1. Record each transaction
The unadjusted trial balance of Greenville Company does not balance. The following errors are detected: a. Cash is understated by $1,000. b. A $4,000 debit to Accounts Receivable was posted as a
Zara Huang practices medicine under the business title Zara Huang, M.D. During March, the medical practice completed the following transactions: The business uses the following accounts: Cash;
Silas Melrose has trouble keeping the company’s debits and credits equal. During a recent month, Melrose made the following accounting errors: a. In preparing the trial balance, Melrose
The unadjusted trial balance of Orlando Company does not balance. The following errors are detected: a. Cash is understated by $4,000. b. A $2,000 debit to Accounts Receivable was posted as a
The unadjusted trial balance as of July 31, 2025, for Jack Benito, Registered Dietician, is presented here: Requirements 1. Prepare the income statement for the month ended July 31, 2025. 2.
Many companies have been affected during the COVID-19 global pandemic. In particular, Starbucks Corporation (NASDAQ: SBUX) noted in its annual report, “Our financial results have been and could
Boardwalk Web Design has just completed operations for the year ended December 31, 2025. This is the third year of operations for the company. The following data have been assembled for the
Boardwalk Web Design has just completed operations for the year ended December 31, 2025. This is the third year of operations for the company. The following data have been assembled for the
Hilda’s Overhead Doors reports the following financial information: Requirements 1. Use the accounting equation to solve for the missing information. 2. Did Hilda’s Overhead Doors report net
Józefina Floros opened a medical practice. During July, the first month of operation, the business, titled J. Floros, MD, experienced the following events:Analyze the effects of these events on the
Boardwalk Web Design has just completed operations for the year ended December 31, 2025. This is the third year of operations for the company. The following data have been assembled for the
The records of Sylvia Company show the following at December 31, 2025: Requirements 1. Compute the missing amount for Sylvia Company. You will need to determine Retained Earnings, December 31,
Zion Builders’ balance sheet data at May 31, 2025, and June 30, 2025, follow: For each of the following situations that occurred in June 2025 with regard to common stock and dividends of a
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the statement of retained earnings for Strong Arms Coaching for the month ending June 30, 2025. 2.
Diana Rahat, the owner, plans on opening Diana Rahat Floral Designs. The owner is considering the various types of business organizations and wishes to organize the business with unlimited life and
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the statement of stockholders’ equity for Strong Arms Coaching for the month ending June 30, 2025.
Swaran Frei is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State College. The business has cash of $8,000 and furniture that cost $9,000 and has
Bennett Handyman Services has total assets of $12,500 and total liabilities of $8,240. Requirements 1. Use the accounting equation to solve for equity. 2. If assets increase by $3,200
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the income statement for Strong Arms Coaching for the month ending June 30, 2025. 2. What does the
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
Mireya’s Inflatables earns service revenue by providing party planning services and inflatable playscapes. Mireya’s Inflatables is organized as a corporation. During the past month, Mireya’s
Early Morning Company had the following transactions for the month ending January 31, 2025. Early Morning Company’s cash balance on January 1, 2025, was $13,750. Prepare the statement of cash
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the balance sheet for Strong Arms Coaching as of June 30, 2025. 2. What does the balance sheet
Annett Irrigation Company had net income for the month of October of $30,000. Assets as of the beginning and end of the month totaled $355,000, and $345,000, respectively. Calculate Annett Irrigation
Superior Photography works weddings and parties. The balance of retained earnings was $16,000 at December 31, 2024. At December 31, 2025, the business’ accounting records show these
List the financial statements discussed in the chapter and briefly describe each statement.
Adile Services had net income for the year of $35,000. In addition, the balance sheet reports the following balances: Calculate the return on assets for Adile Services for the year ending December
Collision Auto Shop started 2025 with total assets of $19,000 and total liabilities of $9,000. At the end of 2025, Collision Auto Shop’s total assets stood at $27,000 and total liabilities were
Presented here are the accounts of West Company for the year ended December 31, 2025. Requirements 1. Prepare West Company’s income statement for the year ended December 31, 2025. 2. Prepare the
During 2025, Bigfoot Spa reported revenue of $21,000. Total expenses for the year were $14,000. Bigfoot Spa ended the year with total assets of $30,000, and it owed debts totaling $14,000. At
Presented here are the accounts of Segura Accounting Services for the year ended December 31, 2025: Requirements 1. Prepare Segura Accounting Services’ income statement for the year ended
Alfred Hansen publishes an online travel blog. In need of cash, the business applies for a loan with National Bank. The bank requires borrowers to submit an income statement, statement of retained
Fabulous Photos works weddings and parties. The balance of Retained Earnings was $17,000 at December 31, 2024. At December 31, 2025, the business’ accounting records show these balances: Prepare
Minnie Reed is a partner in Computer Works, a retail store. During the current year, she withdraws $45,000 in cash from this business and takes for her personal use inventory costing $3,200. Her
Custom Truck Builders frequently uses long-term lease contracts to finance the sale of its trucks. On November 1, 2015, Custom Truck Builders leased to Interstate Van Lines a truck carried in the
The Radiology Department at St. Joseph’s Hospital, a not-for-profit, is considering purchasing a magnetic resonance imaging (MRI) machine. The cost to purchase and install an MRI is approximately
Diamond & Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 150 baseballs per hour to sewing 290 per hour. The contribution
Northwest Records is considering the purchase of Seattle Sound, Inc., a small company that promotes and manages “industrial rock” bands. The terms of the agreement require that Northwest pay the
Bowman Corporation is considering an investment in special-purpose equipment to enable the company to obtain a five-year government contract for the manufacture of a special item. The equipment costs
The Cook County Authority is considering the purchase of a small plane to transport government officials. It is hoped that the plane will save money on travel costs for government employees. Assume
Landry’s Tool Supply Corporation is considering purchasing a machine that costs $98,000 and will produce annual cash flows of $34,000 for six years. The machine will be sold at the end of six years
A company is trying to decide whether to go ahead with an investment opportunity that costs $60,000. The expected incremental cash inflows are $80,000, while the expected incremental cash outflows
A company invests $175,000 in plant assets with an estimated 25-year service life and no salvage value. These assets contribute $28,000 to annual net income when depreciation is computed on a
The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three
The weighted-average cost of capital for Forstone Corporation is 10 percent. Last year one of the divisions of Forstone generated an EVA of $4,000,000, while the division’s assets less its current
Ricoh Company Ltd. , a leading supplier of office automation equipment and electronics, has implemented a balanced scorecard. Match each of the performance indicators from their scorecard below to
It may be easier to think about setting standards to help manage manufacturing businesses, like the lumber business of Brice, Inc., discussed in this chapter, than to help manage retail
Use the information in Exhibit 24–5 on page 1048 to compute the expected volume variance at 780 units.Exhibit 24-5:
At Franklis Incorporated, during the month of January, the direct labor rate variance was $2,800 unfavorable, and the direct labor efficiency variance was $4,900 favorable. Actual direct labor costs
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