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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
All of the first month’s activity for Crystal Clear Cleaning is as follows.Requirements 1. Journalize transactions as required from the activity data.2. Post journal entries to T-accounts and
Otis Carpenter opened a medical practice in Alexandria, Virginia.Requirement 1. Record the preceding transactions in the journal of Otis Carpenter, M.D., RC. Include an explanation with each entry.
Lakeview Sales Consultants completed the following transactions during the latter part of March:Requirement 1. Journalize the transactions of Lakeview Sales Consultants. Include an explanation with
Nancy Carpenter Optical Dispensary purchased supplies on account for \($1,200\). Two weeks later, the business paid half on account.Requirements 1. Journalize the two transactions for Nancy
Jonathan Law Firm performed legal services for a client who could not pay immediately. The business expected to collect the \($9,000\) the following month. Later, the business received \($5,400\)
Use the September transaction data for Otis Carpenter, M.D., P.C.Requirements 1. Open the following T-accounts: Cash, Accounts receivable, Medical supplies, Accounts payable, Common stock, Service
Redwing Floor Coverings, Inc., reported the following summarized data at December 31, 2009. Accounts appear in no particular order.Requirement 1. Prepare the trial balance of Redwing Floor Coverings
Georgia Lapp Travel Design, Inc., prepared its trial balance. Suppose Lapp made an error: She erroneously listed common stock of \($30,100\) as a debit rather than a credit.Requirement 1. Compute
Review Kelly Long Travel Design’s trial balance. Assume that Long accidentally listed dividends as \($100\) instead of the correct amount of $1,000.Requirement 1. Compute the incorrect trial
Jane’s Cream Soda, Inc., makes specialty soft drinks. At the end of 2010, Jane’s had total assets of \($300,000\) and liabilities totaling $220,000.Requirements 1. Write the company’s
The following transactions occurred for Advanced Engineering:Requirement 1.Record the transactions in the journal. Sep 2 5 10 12 19 21 27 Paid utilities expense of $300. Purchased equipment on
The journal of Bell Technology Solutions, Inc., includes the following entries for August, 2010: Requirements 1. Describe each transaction.2. Set up T-accounts using the following account numbers:
In October, 2011, the first five transactions of Fine’s Maid Service, Corp., have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for
Suppose your name is Grant Scheffer, and Advanced Automotive repaired your car. You settled the bill as noted on the following invoice. To you this is a purchase invoice. To Advanced Automotive, it
The following transactions occurred during the month for Mona Wade, CPA, PC:a. Wade opened an accounting firm by investing \($16,500\) cash and office furniture valued at \($5,300\). The business
Granger Technology Solutions, Inc., completed the following transactions during January 2011, its first month of operations:Requirement 1. Record the preceding transactions in the journal of Granger
The accounts of Valentine Moving Company follow with their normal balances atRequirement 1. Prepare Valentine’s trial balance at April 30, 2010. Common stock Insurance expense $ 59,500 Trucks $
The following trial balance of Jeana Jones Tutoring Service, Inc., at August 31, 2011, does not balance:Investigation of the accounting records reveals that the bookkeeper:Requirement 1. Prepare the
Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2012:Party Time Amusements uses the following accounts: Cash, Supplies, Building,
William White practices medicine under the business title William White, M.D., P.C. During January, the medical practice completed the following transactions:The business uses the following accounts:
Donna White started her practice as a design consultant on January 1, 2010. During the first month of operations, the business completed the following transactions:Requirements 1. Open the following
Vince Smith opened a law office on March 2, 2010. During the first month of operations, the business completed the following transactions:Requirements 1. Open the following T-accounts: Cash,
The trial balance of Seth Knoll, CPA, P.C., is dated November 30, 2011:During December, Knoll or his business completed the following transactions:Requirements 1. Record the December transactions in
The trial balance of Kind Care Child Care, Inc., does not balance.The following errors are detected:a. Cash is understated by \($2,000\).b. A \($1,000\) debit to Accounts receivable was posted as a
The trial balance for Gold Rush Exploration Company, Inc. does not balance.The following errors were detected:a. The cash, balance is overstated by \($2,000\).b. Rent expense of \($390\) was
Big Screen Amusements Company owns movie theaters. Big Screen engaged in the following business transactions in 2012:Big Screen Amusements uses the following accounts: Cash, Supplies, Building,
Warren Smith practices medicine under the business title Warren Smith, M.D., P.C. During April, the medical practice completed the following transactions:The business uses the following accounts:
Ann Duxbury started her practice as a design consultant on March 1, 2010. During the first month of operations, the business completed the following transactions:Requirements 1. Open the following
Timothy Muse opened a law office on October 2, 2010. During the first month of operations, the business completed the following transactions:Requirements 1. Open the following T-accounts: Cash,
Fran Stein started an environmental consulting company and during the first month of operations (February 2012) the business completed the following transactions:a. Stein began the business with an
Vann Stubbs started Stubbs Carpet Installers, Inc., and during the first month of operations (December 2011) the business completed the following selected transactions:a. Stubbs began the business
The trial balance of URNO 1 Child Care, Inc., does not balance.The following errors are detected:a. Cash is understated by $5,000.b. A \($3,000\) debit to Accounts receivable was posted as a
The trial balance for Silver Shovels Exploration Company does not balance.The following errors were detected:a. The cash balance is overstated by $3,000.b. Rent expense of \($390\) was erroneously
Here you will account for Sherman Lawn Service’s transactions as it is actually done in practice.Sherman Lawn Service completed the following transactions during August:Aug 1 Received \($1,000\)
Haupt Consulting, Inc., completed the following transactions during the first half of December, 2010:Requirements 1. Open T-accounts in the ledger: Cash, Accounts receivable, Supplies, Equipment,
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
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