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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Describe the single-step income statement.
Describe the multi-step income statement.
The adjusted trial balance of Sturdy Office Systems at March 31, 2025, follows: Prepare Sturdy Office Systems’ multi-step income statement for the year ended March 31, 2025. STURDY OFFICE
The adjusted trial balance of Sturdy Office Systems at March 31, 2025, follows: Prepare Sturdy Office Systems’ single-step income statement for the year ended March 31, 2025. STURDY OFFICE
Consider the following incomplete table of a merchandiser’s profit data. Calculate the missing amounts to complete the table. Sales Revenue Sales Returns and Allowances Sales Discounts Net Sales
Alpha Electric uses the periodic inventory system. Alpha Electric reported the following selected amounts at May 31, 2025. All accounts have normal balances. Requirements 1. Compute net sales
Kitchen Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep. 4 4 10 17 20 Purchased
Smooth Sailing Boat Supply uses the periodic inventory method. The adjusted trial balance of Smooth Sailing Boat Supply at December 31, 2025, follows:Requirements 1. Journalize the required closing
The adjusted trial balance of GoldStar Music Company at June 30, 2025, follows: Requirements 1. Prepare GoldStar Music Company’s multi-step income statement for the year ended June 30, 2025. 2.
Journalize the following sales transactions for Action Games. Explanations are not required. Jun. 6 15 22 22 Jul. 5 Sold $20,000 of video games on account, credit terms are 2/10, n/30, to Game Shop.
The unadjusted trial balance for Rapid Electronics Company at March 31, 2025, follows: Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued,
The records of Snappy Beverages list the following selected accounts for the quarter ended April 30, 2025. All accounts have normal balances. Requirements 1. Prepare a single-step income
The adjusted trial balance of Star Theater Company at April 30, 2025, follows: Requirements 1. Prepare Star Theater Company’s multi-step income statement for the year ended April 30, 2025. 2.
Rite Department Store uses a periodic inventory system. The adjusted trial balance of Rite Department Store at December 31, 2025, follows: Requirements 1. Prepare Rite Department Store’s
Journalize the following transactions that occurred in January 2025 for City Water Park. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer
The records of Refreshing Beverages list the following selected accounts for the quarter ended September 30, 2025. All accounts have normal balances. Requirements 1. Prepare a single-step income
Thrifty Department Store uses a periodic inventory system. The adjusted trial balance of Thrifty Department Store at December 31, 2025, follows: Requirements 1. Prepare Thrifty Department Store’s
The unadjusted trial balance for Gold Electronics Company follows: Requirements 1. Journalize the adjusting entries using the following data: a. Interest revenue accrued, $300. b. Salaries
When a company uses the net method for recording sales transactions, when is the sales discount recorded?
Crumble Cookies earned net sales revenue of $67,000,000 in 2025. Cost of goods sold was $40,870,000, and net income reached $8,000,000, the company’s highest ever. Compute the company’s gross
What type of account is Sales Discounts Forfeited and what financial statement does it get reported on?
Salt Lake Pool Supplies’ merchandise inventory data for the year ended December 31, 2026, follow: Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by
Kaleo Golf Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicate the following for a particular line of Kaleo Golf
Assume that a Wheel Cap Burger restaurant has the following perpetual inventory record for hamburger patties: At February 28, the accountant for the restaurant determines that the current
Kaleo Golf Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicate the following for a particular line of Kaleo Golf
Osprey Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2026, prior to releasing the financial statements for the year:Osprey Resources has
Kaleo Golf Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicate the following for a particular line of Kaleo Golf
Organic Foods Grocery reported the following comparative income statements for the years ended June 30, 2026 and 2025: During 2026, Organic Foods Grocery discovered that ending 2025 merchandise
Lindy Hardware used the FIFO inventory costing method in 2025. Lindy Hardware plans to continue using the FIFO method in future years. Which accounting principle is most relevant to Lindy
Yoga Day reported the following income statement for the year ended December 31, 2026: Requirements 1. Compute Yoga Day’s inventory turnover rate for the year. (Round to two decimal places.) 2.
Lindy Hardware does not expect costs to change dramatically and wants to use an inventory costing method that averages cost changes. Requirements 1. Which inventory costing method would
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.
Healthy Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended March 31, 2026, Healthy Foods’ preliminary income
Steel Fabricators began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:Requirements 1. Prepare a perpetual
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.
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.

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