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Questions and Answers of Accounting

Kobe's Clinics provides health services and career counseling. Net income from the health services business this year is $22 million after tax. During the year, Kobe's Clinics sold the career
The Intramural Sports Club reports sales revenue of $550,000. Inventory at both the beginning and end of the year totals $100,000. The inventory turnover ratio for the year is 4.0. What amount of
Dungy Training Company has a current ratio of 0.80 to 1, based on current assets of $6 million and current liabilities of $7.5 million. How, if at all, will an $800,000 cash purchase of inventory
The income statement for Stretch-Tape Corporation reports revenue of $420,000 and net income of $50,000. Average total assets for the year are $800,000. Stockholders' equity at the beginning of the
LeBron's Bookstores has two divisions: books and electronics. The electronics division had another great year in 2012 with sales of $10 million, cost of goods sold of $6 million, operating expenses
Shaquille Corporation has income before tax of $1.2 million and income tax expense of $300,000 for the year ended December 31, 2012, before considering the following items: (1) a $225,000 gain, after
Attached is a schedule of five proposed changes at the end of the year.Required: 1. Indicate whether each of the proposed changes is conservative, aggressive, or neutral. 2. Indicate whether the
The income statement for Federer Sports Apparel for 2013 and 2012 is presented below.Required: Prepare a vertical analysis of the data for 2013 and 2012.
Refer to the information provided in E12-2.In E12-2Required: Prepare a horizontal analysis for 2013 using 2012 as the base year.
The balance sheet for Federer Sports Apparel for 2013 and 2012 is presented below.Required: 1. Prepare a vertical analysis of the balance sheet data for 2013 and 2012. Express each amount as a
The 2012 income statement of Adrian Express reports sales of $16 million, cost of goods sold of $9.6 million, and net income of $1.6 million. Balance sheet information is provided in the following
The balance sheet for Plasma Screens Corporation and additional information are provided below.Additional Information for 2012:1. Net income is $69,000.2. Sales on account are $1,520,000.3. Cost of
Refer to the information provided for Plasma Screens Corporation in E12-7.In E12-7Required: 1. Calculate the following profitability ratios for 2012: a. Gross profit ratio. b. Return on assets. c.
The following condensed information is reported by Sporting Collectibles.Required: 1. Calculate the following profitability ratios for 2013: a. Gross profit ratio. b. Return on assets. c. Profit
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below.Required: 1. Complete the "%" columns to be used in a
The income statement for Sports Emporium for the years ending December 31, 2013 and 2012 is provided below.Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of
The balance sheet for Virtual Gaming Systems for 2012 and 2011 is provided below.Required: 1. Prepare a vertical analysis of Virtual Gaming Systems' 2012 and 2011 balance sheets. Express each amount
Data for Virtual Gaming Systems is provided in P12-4A. Earnings per share for the year ended December 31, 2012, are $1.30. The closing stock price on December 31, 2012, is $27.30.In
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below.Required: 1. Complete the "%" columns to be
The income statement for Game-On Sports for the years ending December 31, 2013 and 2012 is provided below.Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of
The balance sheet for The Athletic Attic for 2012 and 2011 is provided below.Required: 1. Prepare a vertical analysis of The Athletic Attic's 2012 and 2011 balance sheets. Express each amount as a
The following income statement and balance sheet for The Athletic Attic are provided.Required: Assuming that all sales were on account, calculate the following risk ratios for 2012: 1. Receivables
Data for The Athletic Attic are provided in P12-4B. Earnings per share for the year ended December 31, 2012, are $1.26. The closing stock price on December 31, 2012, is $21.42.In
Income statement and balance sheet data for The Athletic Attic are provided below.Required: 1. Calculate the following risk ratios for 2012 and 2013: a. Receivables turnover ratio. b. Inventory
Income statement and balance sheet data for Great Adventures, Inc., are provided below.As you can tell from the financial statements, 2014 was an especially busy year. Tony and Suzie were able to use
Financial information for The Buckle is presented in Appendix B at the end of the book. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of The Buckle's income
After years of steady growth in net income, The Performance Drug Company sustained a loss of $1.6 million in 2012. The loss was primarily due to $5 million in expenses related to a product recall.
Roseburg Corporation manufactures cardboard containers. In 2008, the company purchased several large tracts of timber for $20 million with the intention of harvesting its own timber rather than
Major League Products was founded in 1992 to provide high-quality merchandise carrying the logos of each fan's favorite major league team. In recent years, the company has struggled to compete
Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of
Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end of its accounting period, December 31, 2013, Be-The-One has assets of $395,000 and liabilities of
Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner's equity for the current year ended April 30, 2014. Craig Daws, the owner, invested
Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner's equity for the current year ended August 31, 2014. Barb Schroeder, the owner,
Using the following data for Sunset Travel Service as well as the statement of owner's equity shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014. Accounts payable
Using the following data for Sentinel Travel Service as well as the statement of owner's equity shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2014. Accounts payable
Four different proprietorships, Juliet, Kilo, Lima, and Mike, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are
Kendra Gorman is the owner and operator of Mega Concepts, a motivational consulting business. At the end of its accounting period, December 31, 2013, Mega Concepts has assets of $1,250,000 and
Prepare a journal entry on January 25 for the withdrawal of $16,000 by Jay Nolan for personal use.
Prepare a journal entry on June 30 for the withdrawal of $11,500 by Dawn Pierce for personal use.
Innerscape Interiors is owned and operated by Gina Kissel, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its major account
The following errors took place in journalizing and posting transactions: a. Rent of $13,550 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent. b. A
The following data (in millions) were taken the financial statements of Walmart Stores, Inc.a. For Walmart Stores, Inc., determine the amount of change in millions and the percent of change (round
During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b)
Identify each of the following accounts of Kaiser Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. a.
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry. a. Accumulated Depreciation b. Albert Stucky, Drawing c. Land d. Salaries Payable e.
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry. a. Building b. Cash c. Interest Expense d. Miscellaneous Expense e. Nathan Archer,
The balance in the unearned fees account, before adjustment at the end of the year, is $78,500. Journalize the adjusting entry required; assuming the amount of unearned fees at the end of the year is
The estimated amount of depreciation on equipment for the current year is $9,100. Journalize the adjusting entry to record the depreciation.
The estimated amount of depreciation on equipment for the current year is $6,760. Journalize the adjusting entry to record the depreciation.
The balance in the equipment account is $1,375,000, and the balance in the accumulated depreciation-equipment account is $725,000. a. What is the book value of the equipment? b. Does the balance in
Labrador Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2014, the end of the current fiscal year, the
List the errors you find in the following balance sheet. Prepare a corrected balance sheet.
Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Casey Ryan, Capital d. Casey Ryan, Drawing e. Cash f.
Comenius Learning Centers was established on May 20, 2014, to provide educational services. The services provided during the remainder of the month are as follows:May 21. Issued Invoice No. 1 to J.
The transactions completed by Revere Courier Company during December 2014, the first month of the fiscal year, were as follows:Dec. 1. Issued Check No. 610 for December rent, $4,500.2. Issued Invoice
Guardian Security Services was established on January 15, 2014, to provide securityservices. The services provided during the remainder of the month are listed below.Jan. 18. Issued Invoice No. 1 to
The transactions completed by AM Express Company during March 2014, the first month of the fiscal year, were as follows:Mar. 1. Issued Check No. 205 for March rent, $2,450.2. Purchased a vehicle on
The following revenue transactions occurred during November:Nov. 7. Issued Invoice No. 121 to Drew Co. for services provided on account, $290.17. Issued Invoice No. 122 to Triple A Inc. for services
The debits and credits from two transactions are presented in the following supplier's (creditor's) account:Describe each transaction and the source of each posting.
Otley Company does business in two customer segments, Retail and Wholesale. The following annual revenue information was determined from the accounting system's invoice
Back Country Life, Inc., does business in two product segments, Camping and Fishing. The following annual revenue information was determined from the accounting system's invoice
Autumn Cove Inc. has $2,010 in the December 1 balance of the accounts receivable account consisting of $880 from Champion Co. and $1,130 from Veritas Co. Transactions related to revenue and cash
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger.Describe each transaction, and identify the source of
The purchases journal for Wallace Window Cleaners Inc. is shown below. The accounts payable account has a January 1, 2014, balance of $410 for an amount owed to Little Co. There were no payments
The cash payments and purchases journals for Out of Eden Landscaping Co. are shown below. The accounts payable control account has an April 1, 2014, balance of $1,990, consisting of an amount owed to
Transactions related to purchases and cash payments completed by Green Kleen Cleaning Services Inc. during the month of March 2014 are as follows: Mar. 1. Issued Check No. 57 to Liquid Klean Supplies
Happy Tails Inc. has a June 1 accounts payable balance of $600, which consists of $360 due Labradore Inc. and $240 due Meow Mart Inc. Transactions related to purchases and cash payments completed by
After Klondike Assay Services Inc. had completed all postings for March in the current year (2014), the sum of the balances in the following accounts payable ledger did not agree with the $37,600
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In addition,
For each of the following companies, determine if their e-commerce strategy is primarily business-to-consumer (B2C), business-to-business (B2B), or both. Use the Internet to investigate each
Starbucks Corporation reported the following geographical segment revenues for a recentand a prior fiscal year. ........................Recent Year.................................Prior
News Corporation is one of the world's largest entertainment companies that includes Twentieth Century Fox films, Fox Broadcasting, Fox News, the FX, and various satellite, cable, and publishing
The comparative regional segment revenues for McDonald's Corporation are as follows: .............................................Year 2.................................Year
The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger:Describe each transaction, and identify
Metro Services Company had the following transactions during the month of September:Sept. 2. Issued Invoice No. 201 to Triple Play Corp. for services rendered on account, $380.3. Issued Invoice No.
The revenue journal for Evergreen Consulting Inc. is shown below. The accounts receivable controlling account has a May 1, 2014, balance of $505 consisting of an amount due from Aladdin Co. There
The revenue and cash receipts journals for Fantasy Productions Inc. are shown below. The accounts receivable control account has a July 1, 2014, balance of $3,670 consisting of an amount due from
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of October 2014 are as follows:Oct. 2. Issued Invoice No. 512 to Albany Co., $670.4. Received cash from
Transactions related to revenue and cash receipts completed by Acheville Architects Co. during the period September 2-30, 2014, are as follows:Sept. 2. Issued Invoice No. 793 to Nickle Co., $5,200.5.
Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping.
Sweetwater Water Testing Service was established on June 16, 2014. Sweetwater uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in
Transactions related to revenue and cash receipts completed by Sterling EngineeringServices during the period June 2-30, 2014, are as follows:June 2. Issued Invoice No. 717 to Yee Co., $1,430.3.
Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line
West Texas Exploration Co. was established on October 15, 2014, to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its
Internet-based accounting software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuite are running their core products on the Internet using cloud
The two leading software application providers for supply chain management (SCM) and customer relationship management (CRM) software are JDA and Salesforce.com, respectively. In groups of two or
Identify the errors in the following income statement:
On October 31, 2014, the balances of the accounts appearing in the ledger of AcornInteriors Company, a furniture wholesaler, are as follows:Prepare the October 31, 2014, closing entries for Acorn
Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an
Identify the errors in the following bank reconciliation:
On March 1, 2014, Eric Keene and Abigail McKee form a partnership. Keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. McKee invests certain business assets at
The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2014:The balance in Yost's capital
After the accounts are closed on February 3, 2014, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300, $4,500, and $22,300,
On November 1, 2014, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership. The partners have capital balances of $58,000, $72,000, and $10,000, respectively. The cash
On April 1, 2013, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $18,000 cash and merchandise inventory valued at $50,000. Capri invests certain business assets at valuations
The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2014:The balance in Xue's capital
After the accounts are closed on April 10, 2014, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $42,000, $7,500, and $36,500,
On August 3, 2014, the firm of Chapelle, Rock, and Pryor decided to liquidate their partnership. The partners have capital balances of $14,000, $102,000, and $86,000, respectively.The cash balance is
Rachel Bell contributed a patent, accounts receivable, and $51,000 cash to a partnership. The patent had a book value of $45,000. However, the technology covered by the patent appeared to have
Andrew Orr and Victoria Graham formed a partnership, dividing income as follows: 1. Annual salary allowance to Orr of $28,000. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any

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