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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
Suppose Frazier Corporation has receivables of \($63,000\), furniture totaling \($198,000\), and cash of \($45,000\). The business has a \($108,000\) note payable and owes \($84,000\) on account. How
Your business purchased supplies of \($1,000\) on account. The journal entry to record this transaction is: a. Supplies 1,000 Accounts receivable 1,000 b. Accounts payable 1,000 Supplies 1,000
You paid \($500\) for supplies and purchased additional supplies on account for \($700\). Later you paid \($400\) of the accounts payable. What is the balance in your Supplies account?a. $1,200b.
Michael Daigle, Attorney, P.C., began the year with total assets of \($122,000\), liabilities of \($71,000\), and stockholders’ equity of \($51,000\). During the year the business earned rev¬ enue
Wayne Robichaud, Attorney, P.C., began the year with total assets of \($127,000\), liabilities of \($78,000\), and stockholders’ equity of \($49,000\). During the year the business earned rev¬
Sherman Lawn Service, Inc., has been open for one year, and Hannah Sherman, the owner, wants to know whether the business earned a net income or a net loss for the year. First, she must identify the
Suppose you are starting a business, T-Shirts Plus, Inc., to imprint logos on T-shirts.In organizing the business and setting up its accounting records, you take your information to a CPA to prepare
Claire Hunter plans on opening Claire Hunter Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and limited
Wendy Craven is the sole shareholder of a property management company near the campus of Pensacola Junior College. The business has cash of \($6,000\) and furniture that cost \($12,000\) and has a
Snail Creek Kennel, Inc., earns service revenue by caring for the pets of customers. Snail Creek’s main expense is the salary paid to an employee.Requirement 1. Write the accounting equation for
Monte Hall Gaming, Inc., paid \($20,000\) cash to purchase land. To buy the land, the business was obligated to pay for it.Requirement 1. Why did the business record no liability in this transaction?
Awesome Adventures Travel, Inc., recorded revenues of \($2,400\) earned on account by providing travel service for clients.Requirements 1. How much are the business’s cash and total assets after
Brad Poison, P.A., collected cash on account from a client for whom the business had provided delivery services one month earlier.Requirements 1. Why did the business fail to record revenue when it
Party Planners Extraordinaire Corporation has just completed operations for the year ended December 31, 2011. This is the third year of operations for the company. As the sole-shareholder, you want
Bell Computers, Inc., balance sheet data at May 31, 2010, and June 30, 2010, follow:Requirement 1. Following are three situations about stockholders’ investments and dividends of the business
As the manager of an Aunty Pasta Corporation restaurant, you must deal with a variety of business transactions.Requirement 1. Give an example of a transaction that has each of the following effects
Eager Beaver, Inc., started 2011 with total assets of \($24,000\) and total liabilities of \($11,000\). At the end of 2011, the business’s total assets stood at \($34,000\), and its total
The 2011 annual report of Priority Parcel Service (PPS) reported revenue of \($28\) billion. Total expenses for the year were \($21\) billion. PPS ended the year with total assets of \($37\) billion,
Compute the missing amount for Jones Corporation. You will need to work through total stockholders’ equity.Requirements 1. Did Jones earn a net income or suffer a net loss for the year ? Compute
Jake’s Roasted Peanuts, Inc., supplies snack foods. The business experienced the following events.a. Jake’s Roasted Peanuts issued common stock after receiving cash from the sole stockholder.b.
The account balances of Tompkins Towing Service, Inc., at June 30, 2012, follow:Requirements 1. Prepare the balance sheet of the business at June 30, 2012.2. What does the balance sheet
The assets, liabilities, stockholders’ equity, revenues, and expenses of Carter Design Studio, Inc., have the following balances at December 31, 2010, the end of its first year of operation. During
Natalie Williams is a realtor. She organized her business as a corporation, Natalie Williams, Realtor, P.C., by investing \($27,000\) cash. The business issued common stock to her. Consider the
Robert Ryan practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a professional corporation. The name of the new entity is Robert
Arlene Lavoie practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a professional corporation. The name of the new entity is Arlene Lavoie,
Carter Roofing, Corp., was recently formed as a corporation. The balance of each item in the company’s accounting equation is shown for December 1 and for each of the following business
Marilyn Mansion owns and operates a public relations firm called Goth, Inc. The following amounts summarize her business on August 31, 2011:During September 2011, the business completed the following
Presented here are the accounts of Town and Country Realty Corporation for the year ended December 31, 2011.Requirements 1. Prepare Town and Country Realty Corporation’s income statement.2.
Picture Gallery, Inc. works weddings and prom-type parties. The balance of retained earnings was \($18,000\) at December 31, 2010. At December 31, 2011, the business’s accounting records show these
The bookkeeper of Beautiful World Landscaping, Inc., prepared the company’s balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper
Consider the following terms and definitions:Requirement 1.Match the terms with their correct definitions. TERMS: 1. Proprietorship 2. Reliability principle 3. Partnership 4. Stock 5. Limited
Beth Plum is a realtor. She organized her business as a corporation, Beth Plum, Realtor, P.C., by investing \($23,000\) cash. The business issued common stock to her.Consider the following facts at
Arthur Shore practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a professional corporation. The name of the new entity is Arthur
Anna Judge practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a professional corporation. Ihe name of the new entity is Anna Judge, Attorney,
Pelligrini Electronics, Corp., was recently formed as a corporation. The balance of each item in the company’s accounting equation is shown for November 1 and for each of the following business
Marian Crone owns and operates a public relations firm called Dance Fever, Inc. The following amounts summarize her business on August 31, 2011:During September 2011, the business completed the
Presented here are the accounts of Plantscapes Decor Services Corporation for the year ended December 31, 2011.Requirements 1. Prepare Plantscapes Decor Services Corporation’s income statement.2.
Accent Photography, Inc., works weddings and prom-type parties. The balance of retained earnings was \($20,000\) at December 31, 2010. At December 31, 2011, the business’s accounting records show
The bookkeeper of Lone Star Landscaping, Inc., prepared the company’s balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that
Sherman Lawn Service, Inc., began operations and completed the following transactions during August:Aug 1 Received \($1,000\) and issued 100 shares of common stock. Deposited this amount in bank
Haupt Consulting, Inc., began operations and completed the following transactions during the first half of December:Requirements 1. Analyze the effects of Haupt Consulting’s transactions on the
Fossil is famous for fashion wristwatchcs and leather goods. At the end of a recent year. Fossil’s total assets added up to \($345\) million, and stockholders’ equity was \($240\) million. How
Assume that Fossil sold watches to a department store on account for \($43,000\). How would this transaction affect Fossil’s accounting equation?a. Increase both liabilities and stockholders’
Which parts of the accounting equation does a sale on account affect?a. Accounts receivable and Accounts payableb. Accounts receivable and Retained earningsc. Accounts payable and Retained earningsd.
Assume that Fossil paid expenses totaling \($40,000\). How does this transaction affect Fossil’s accounting equation?a. Increases assets and decreases liabilitiesb. Decreases assets and increases
Consider the overall effects on Fossil of selling watches on account for \($53,000\) and paying expenses totaling \($37,000\). What is Fossil’s net income or net loss?a. Net loss of \($16,000\)b.
The balance sheet reportsa. Results of operations for a specific periodb. Financial position on a specific datec. Results of operations on a specific dated. Financial position for a specific period
Details about a company’s cash flows appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2018 Annual Report to answer the following questions. Visit
Kimball Corporation makes cell phone covers and has the following comparative income statement for the years ended December 31, 2025 and 2024Requirement Perform a horizontal analysis and a vertical
Requirements Using the financial data presented above, compute the following ratios and evaluate Java’s results for 2025–2023.1. Profit margin ratio.2. Earnings per share.3. Inventory
Liberty’s inventory turnover during 2025 was (amounts rounded)a. 6 times.b. 7 times.c. 8 times.d. not determinable from the data given.
Which measure expresses Liberty’s times-interest-earned ratio? (amounts rounded)a. 54. 7%b. 19 timesc. 34. 5%d. 32 times
Use Target Corporation’s Fiscal 2018 Annual Report to answer the following questions.Visit https://www.pearsonglobaleditions/Horngren to view a link to the Target Corporation Annual
1. Compute Accel’s Companies’ current ratio at May 31, 2024 and 2023.2. Did Accel’s Companies’ current ratio improve, deteriorate, or hold steady during 2024?Accel’s Companies, a home
1. Compute the inventory turnover, days’ sales in inventory, and gross profit percentage for Accel’s Companies for 2024.2. Compute days’ sales in receivables during 2024. Round intermediate
1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Accel’s Companies.2. Is Accel’s ability to pay its liabilities strong or weak? Explain your reasoning.Accel’s
1. Compute the profit margin ratio for Accel’s Companies for 2024.2. Compute the rate of return on total assets for 2024.3. Compute the asset turnover ratio for 2024.4. Compute the rate of return
1. Compute earnings per share (EPS) for 2024 for Accel’s. Round to the nearest cent.2. Compute Accel’s Companies’ price/earnings ratio for 2024. The market price pershare of Accel’s stock is
1. Prepare a comparative common-size income statement for Mulberry Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent (three decimal places).2. To an investor, how
Net sales revenue, net income, and common stockholders’ equity for Eyesight Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend
In its annual report, ABC Athletic Supply, Inc. includes the following five-year financial summary:Requirements Analyze the company’s financial summary for the fiscal years 2020–2024 to decide
Comparative financial statement data of Garfield, Inc. follow1. Market price of Garfield’s common stock: $69.36 at December 31, 2024, and $38.04 at December 31, 2023.2. Common shares outstanding:
Misler Corporation established a $300 petty cash fund on January 12, 2024. Karen Misler (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following:a. Cash: $163b.
The Cash account of Baylor Associates at February 28, 2025, follows:Additional data:Baylor deposits all cash receipts in the bank and makes all payments by check.Requirements 1. Prepare the bank
The December cash records of Davidson Insurance followDavidson’s Cash account shows a balance of $17,450 at December 31. On December 31, Davidson Insurance received the following bank
The August 31 bank statement of Well Healthcare has just arrived from United Bank.To prepare the bank reconciliation, you gather the following data:a. The August 31 bank balance is $4,540.b. The
The May cash records of Donald Insurance followDonald’s Cash account shows a balance of $17,750 at May 31. On May 31, Donald Insurance received the following bank statementAdditional data for the
The October 31 bank statement of Wyndham’s Healthcare has just arrived from State Bank. To prepare the bank reconciliation, you gather the following data:a. The October 31 bank balance is
This problem continues the Canyon Canoe Company situation from Chapter F:6.Canyon Canoe Company has decided to open a new checking account at River Nations Bank during March 2025. Canyon Canoe
This problem continues the Crystal Clear Cleaning problem begun in Chapter F:2 and continued through Chapter F:6.In March 2025, Crystal Clear Cleaning opened a new checking account at First Regional
Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s 2018 Fiscal Year Annual Report. Study the audit opinion (labeled Report of Independent Registered Public
Monarch Map Company’s balance sheet at December 31, 2023, reported the following:Requirements 1. How much of the receivables did Monarch expect to collect? Stated differently, what was the net
Suppose First Fidelity Bank engaged in the following transactions:Journalize the 2024 and 2025 transactions on First Fidelity’s books. Explanations are not needed. Use a 365-day year to compute
A table of notes receivable for 2024 followsFor each of the notes receivable, compute the amount of interest revenue earned during 2024. Round to the nearest dollar. Note 1 Note 2 Note 3 Note 4
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2025 transactions for Crystal Clear CleaningRequirements 1. Prepare all required journal entries
Pauline’s Pottery has always used the direct write-off method to account for uncollectibles. The company’s revenues, bad debt write-offs, and year-end receivables for the most recent year
Use Target Corporation’s Fiscal 2018 Annual Report and Note 5 “Consideration Received from Vendors” and Note 10 “Other Current Assets” to answer the following questions. Visit
Latté On Demand purchased a coffee drink machine on January 1, 2024, for $44,000.Expected useful life is 10 years or 100,000 drinks. In 2024, 3,000 drinks were sold, and in 2025, 14,000 drinks were
Which method is used to compute depletion?a. Double-declining-balance methodb. Straight-line methodc. Depletion methodd. Units-of-production method
Consider the following expendituresClassify each of the expenditures as a capital expenditure or a revenue expenditure related to machinery a. Purchase price. b. Ordinary recurring repairs to keep
Crispy Fried Chicken bought equipment on January 2, 2024, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipment’s
This problem continues the Canyon Canoe Company situation from Chapter F:8.Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property,
Top Quality Appliance—Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review McDonald’s Corporation 2018 annual report
View a link to Target Corporation’s Fiscal 2018 annual report at https://www .pearsonglobaleditions.com/Horngren. Refer to the Target Corporation financial statements, including Notes 11, 12, and
1. Identify the appropriate accounting method for each of the following situationsa. Investment in 25% of the investee company’s stock of which the investor has significant influenceb.
This problem continues the Canyon Canoe Company situation from Chapter F:9. Amber and Zack Wilson are pleased with the growth of their business and have decided to invest its temporary excess cash in
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Berkshire Hathaway, Inc.’s 2018 annual report
Details about a company’s investments appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2018 annual report to answer the following questions. Visit
Answer each question independently.Requirements1. A restaurant made cash sales of $4,000 subject to a 5% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to
Rags-to-Riches, a clothing resale store, employs one salesperson, Dee Hunter. Hunter’s straight-time wage is $10 per hour, with time-and-a-half pay for hours above 40. Rags-to Riches withholds
Watson Publishing completed the following transactions during 2024:Journalize the transactions (explanations are not required). Round to the nearest dollar. Oct. 1 Nov. 15 Dec. 31 Sold a six-month
Details about a company’s liabilities appear in a number of places in the annual report.Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s Annual Report.
West Virginia Power Company has 8%, 10-year bonds payable that mature on June 30, 2034. The bonds are issued on June 30, 2024, and West Virginia Power pays interest each June 30 and December
Sleep Well, Inc. is authorized to issue 9%, 10-year bonds payable. On January 1, 2024, when the market interest rate is 10%, the company issues $500,000 of the bonds. The bonds pay interest
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review The Walt Disney Company’s 2018 annual report
Use the Target Corporation financial statements to answer the following questions.Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s Fiscal 2018 Annual
Delphian Corporation’s balance sheet as of December 31, 2024, follows:Requirements 1. Journalize Delphian’s transactions for 2025. 2. Prepare the stockholders’ equity section of the balance
What is a prior-period adjustment?
Return to the ABC data in Short Exercise S-F:13-12. ABC had 8,000 shares of common stock outstanding during 2024. ABC declared and paid preferred dividends of $4,000 during 2024.Show how ABC reports
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