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College Accounting 20th Edition Heintz and Parry - Solutions

Indicate the normal balance (debit or credit) for each of the following accounts:1. Cash2. Wages Expense3. Accounts Payable4. Owner’s Drawing5. Supplies6. Owner’s Capital7. Equipment
Sheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.(a) Invested cash
Foot and balance the T accounts prepared in Exercise 3-5A if necessary.Exercise 3-5ASheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the
Charles Chadwick opened a business called Charlie’s Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing;
Based on the transactions recorded in Exercise 3-7A, prepare a trial balance for Charlie’s Detective Service as of January 31, 20--.Exercise 3-7ACharles Chadwick opened a business called Charlie’s Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts
The following accounts have normal balances. Prepare a trial balance for Damon’s Lawn Service as of September 30, 20--.Cash $ 10,000Accounts Receivable 6,000Supplies 1,600Prepaid Insurance 1,200Delivery Equipment 16,000Accounts Payable 4,000Damon Young, Capital 20,000Damon Young, Drawing
From the information in the trial balance presented above, prepare an income statement for Juanita’s Delivery Service for the month ended September 30, 20--.
From the information in the trial balance presented above, prepare a statement of owner’s equity for Juanita’s Delivery Service for the month ended September 30, 20--.
From the information in the trial balance presented above, prepare a balance sheet for Juanita’s Delivery Service as of September 30, 20--.
Harold Long started a business in May 20-- called Harold’s Home Repair. Long hired a part-time college student as an assistant. Long has decided to use the following accounts for recording transactions:Assets Owner’s EquityCash Harold Long, CapitalAccounts Receivable Harold Long, DrawingOffice
Refer to the trial balance of Harold's Home Repair in Problem 3-13A to determine the following information. Use the format provided below.1. a. Total revenue for the month _________b. Total expenses for the month_________c. Net income for the month _________2. a. Harold Long's original investment
Refer to the trial balance in Problem 3-13A and to the analysis of the change in owner’s equity in Problem 3-14A.REQUIRED1. Prepare an income statement for Harold’s Home Repair for the month ended May 31, 20--.2. Prepare a statement of owner’s equity for Harold’s Home Repair for the month
Foot and balance the accounts payable T account shownbelow.
Complete the following statements using either “debit” or “credit”:(a) The asset account Prepaid Insurance is increased with a _________.(b) The owner’s drawing account is increased with a _________.(c) The asset account Accounts Receivable is decreased with a _________.(d) The liability
Indicate the normal balance (debit or credit) for each of the following accounts:1. Cash2. Rent Expense3. Notes Payable4. Owner’s Drawing5. Accounts Receivable6. Owner’s Capital7. Tools
George Atlas started a business on June 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.(a) Invested cash
Foot and balance the T accounts prepared in Exercise 3-5B if necessary.Exercise 3-5BGeorge Atlas started a business on June 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the
Nicole Lawrence opened a business called Nickie’s Neat Ideas in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Nicole Lawrence, Capital; Nicole Lawrence, Drawing; Professional Fees;
Based on the transactions recorded in Exercise 3-7B, prepare a trial balance for Nickie’s Neat Ideas as of January 31, 20--.
The following accounts have normal balances. Prepare a trial balance for Betty's Cleaning Service as of September 30, 20--.Provided below is a trial balance for Bill's Delivery Service. Use this trial balance for Exercises 3-10B, 3-11B, and3-12B.
From the information in the trial balance presented above, prepare an income statement for Bill’s Delivery Service for the month ended September 30, 20--.
From the information in the trial balance presented above, prepare a statement of owners equity for Bills Delivery Service for the month ended September 30, 20--.
From the information in the trial balance presented above, prepare a balance sheet for Bills Delivery Service as of September 30, 20--.
Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant. Jantz has decided to use the following accounts:Assets Owner’s EquityCash Sue Jantz, CapitalAccounts ReceivableSue Jantz, DrawingOffice Supplies
Refer to the trial balance of Jantz Plumbing Service in Problem 3-13B to determine the following information. Use the format provided below.1. a. Total revenue for the month _________b. Total expenses for the month _________c. Net income for the month _________2. a. Sue Jantz's original investment
Refer to the trial balance in Problem 3-13B and to the analysis of the change in owner’s equity in Problem 3-14B.REQUIRED1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--.2. Prepare a statement of owner’s equity for Jantz Plumbing Service for the
Write a one-page memo to your instructor explaining how you could use the double-entry system to maintain records of your personal finances. What types of accounts would you use for the accounting elements?
Craig Fisher started a lawn service called Craig’s Quick Cut to earn money over the summer months. Fisher has decided to use the following accounts for recording transactions:Assets RevenueCash Lawn FeesAccounts Receivable ExpensesMowing Equipment Rent ExpenseLawn Tools Wages ExpenseLiabilities
Your friend Chris Stevick started a part-time business in June and has been keeping her own accounting records. She has been preparing monthly financial statements. At the end of August, she stopped by to show you her performance for the most recent month. She prepared the following income
Roberto Alvarez began a business called Roberto’s Fix-It Shop.1. Create T accounts for Cash; Supplies; Roberto Alvarez, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:(a) Invested cash in the business, $6,000.(b)
Briefly describe five advantages of the corporate form of business organization.Describe two disadvantages.
What information usually is included in the charter?
Who elects the permanent board of directors?
Describe how to account for organization costs.
How do owners’ equity accounts in a corporation differ from those in a sole proprietorship or partnership?
If a corporation issues only one class of stock, what four rights does each stockholder have?
How is paid-in capital in excess of par usually reported on the balance sheet? How is discount on capital stock usually reported?
If stock is issued for noncash assets, at what amount should the assets be recorded?
How is common stock subscriptions receivable usually reported on the balance sheet?
How is treasury stock usually shown on the balance sheet?
How is paid-in capital from sale of treasury stock usually shown on the balance sheet?
ORGANIZATION COSTS B&B Electric decided to incorporate and has incurred the following costs of organizing:Incorporation fees…………$ 400Attorneys’ fees…………… 4,800Promotion expenses………..5,700Prepare the entry to record payment of these organization costs for cash on
DIVIDEND ALLOCATIONSSituation 1 Akimoto Company has the following stock outstanding:Common Stock Preferred Stock50,000 shares………………………..5,000 shares$1 par value…………………………$40 par, $2 dividendThe amount available for dividends this year is $40,000. Prepare
STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The following stock transactions occurred during January 20-- for Bremer Corporation:(a) Issued 5,000 shares of $10 par common stock for $50,000 cash.(b) Issued 4,000 shares of $10 par common stock for $45,000 cash.(c) Issued 4,000 shares of $10 par
STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTION, AND TREASURYSTOCK) Smith & Cline had the following stock transactions during the year:(a) Issued 5,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $27,500.(b) Issued 7,500 shares of
STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, Pro Parts’ stockholders’ equity accounts had the following balances:Common stock subscriptions receivable……………………….$ 4,000Common stock, $5 par, 10,000 shares…………………………..50,000Preferred
PAR AND NO-PAR, COMMON AND PREFERRED STOCK Hernandez Company had the following stock transactions during the year:(a) Issued 25,000 shares of $1 par common stock for $25,000 cash.(b) Issued 20,000 shares of $1 par common stock for $22,000 cash.(c) Issued 22,000 shares of $1 par common stock for
STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Kris Kraft Stores had the following stock transactions during the year:(a) Issued 4,000 shares of no-par common stock with a stated value of $10 per share for $40,000 cash.(b) Issued 6,000 shares of no-par common stock with a stated value
STOCK SUBSCRIPTIONS Juneau & Associates had the following stock transactions during the year:(a) Issued 100,000 shares of $1 par common stock for $105,000 cash.(b) Issued 12,000 shares of $10 par, 8% preferred stock for $128,000 cash.(c) Received subscriptions for 10,000 shares of $10 par
STOCK SUBSCRIPTIONS AND TREASURY STOCK Brown & Brown formed a corporation and had the following stock transactions during the year:June 30 Incurred the following costs of incorporation:Incorporation fees....$ 800Attorneys’ fees.....5,000Promotion fees......7,000July 15 Issued 5,000 shares of
STOCKHOLDERS' EQUITY SECTION After closing its books on December 31, 20', Jackson Corporation's stockholders' equity accounts had the following balances:REQUIREDPrepare the stockholders' equity section of the balance sheet for Jackson for the year ended December 31,20--.
ORGANIZATION COSTS T&R TrackTown has decided to incorporate and has incurred the following costs of organizing:Incorporation fees……………..$ 500Attorneys’ fees………………..6,800Promotion fees……………….. 4,700Prepare the entry to record payment of these organization
DIVIDEND ALLOCATIONSSituation 1 Espino Company has the following stock outstanding:Common Stock Preferred Stock100,000 shares………………..9,000 shares$0.50 par value……………….$20 par, $2 dividendThe amount available for dividends this year is $50,000. Prepare the dividend
STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The following stock transactions occurred during January 20-- for Drexel Corporation:(a) Issued 4,000 shares of $10 par common stock for $40,000 cash.(b) Issued 5,000 shares of $10 par common stock for $45,000 cash.(c) Issued 5,000 shares of $10 par
STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTION, AND TREASURY STOCK) Brant & Evans had the following stock transactions during the year:(a) Issued 6,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $33,500.(b) Issued 5,500 shares of
STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, MelBrothers’ stockholders’ equity accounts have the following balances:Common stock subscriptions receivable…………………$ 6,000Common stock, $6 par, 15,000 shares…………………….90,000Preferred stock, $10
PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez Company had the following stock transactions during the year:(a) Issued 24,000 shares of $1 par common stock for $26,000 cash.(b) Issued 20,000 shares of $1 par common stock for $19,000 cash.(c) Issued 18,000 shares of $1 par common stock for
STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASHASSETS Dan’s Hobby Stores had the following stock transactions during the year:(a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.(b) Issued 6,000 shares of no-par common stock with a stated
STOCK SUBSCRIPTIONS Athletics West had the following stock transactions during the year:(a) Issued 140,000 shares of $1 par common stock for $145,000 cash.(b) Issued 9,000 shares of $18 par, 7% preferred stock for $162,800 cash.(c) Received subscriptions for 10,000 shares of $12 par common stock
STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers & Hart formed a corporation and had the following stock transactions during the year:June 30 Incurred the following costs of incorporation:Incorporation fees........$ 900Attorneys’ fees........6,000Promotion fees........8,000July 15 Issued 8,000
STOCKHOLDERS' EQUITY SECTION After closing its books on December 31, 20--, Merrill Corporation's stockholders' equity accounts have the following balances:REQUIREDPrepare the stockholders' equity section of the balance sheet for Merrill Corporation for the year ended December 31,20--.
Your boss started a construction company as a partnership with several other contractors 20 years ago. Twelve years later, the partners incorporated to gain access to additional capital by issuing common stock. Forty percent of the shares were sold to the general public, and 60% were acquired by
Tyler Corporation started its operations in March. During the first year of operation, a significant amount of money was spent on attorneys’ fees and promotional expenses connected with organizing the corporation. The amount of revenue Tyler Corporation earned for the year was much higher than
Stockholders’ equity accounts and other related accounts of Gonzales Company as ofJanuary 1, 20--, the beginning of its fiscal year, are shown below.Preferred stock subscriptions receivable............$ 50,000Preferred stock, $10 par, 9% (200,000 shares authorized;20,000 shares
Prepare general journal entries for the following transactions, identifying each transaction by letter:(a) Gnu Company issued 5,000 shares of $1 par common stock to the Prendergas law firm as partial payment of fees incurred to incorporate the business. Gnu was short of cash, so Prendergas agreed
What expense do corporations incur that sole proprietorships and partnerships do not?
What are the two major sources of capital for every type of business?
For what reason do corporations retain earnings in the business?
How do the procedures for closing Income Summary of a corporation differ from those of a sole proprietorship or partnership?
What are the three dates involved in the declaration and payment of dividends? What is the meaning of each date?
What is the effect of a cash dividend on the corporation accounts?
Give three reasons why a corporation may distribute a stock dividend.
Where should stock dividends distributable be reported on the balance sheet? Why?
What effect does a stock dividend have on the accounts of the corporation? A stock split?
What is the primary reason for appropriating retained earnings?
How are appropriated and unappropriated retained earnings shown on the retained earnings statement?
CORPORATE INCOME TAX Stanton Company estimates that its 20-1 income tax will be $80,000. Based on this estimate, it will make four quarterly payments of $20,000 each on April 15, June 15, September 15, and December 15.1. Prepare the journal entry for April 15.2. Assume that all four quarterly
CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED EARNINGS Davidson Company had a net income of $120,000 and paid cash dividends of $24,000 for 20--. Wilson and Picket Company had a net loss of $30,000 and distributed a 10% stock dividend with a market value of $18,000.1. Prepare the journal entries
COMMON AND PREFERRED CASH DIVIDENDS Wakui Company currently has 100,000 shares of $1 par common stock outstanding and 1,000 shares of $100 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.40 per share on common stock to shareholders of record
STOCK DIVIDENDS Cruz Company currently has 100,000 shares of $1 par common stock outstanding. On March 15, a 10% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at $6 per share.1. Prepare journal entries for
STOCK SPLIT Goldstein Company has 100,000 shares of $10 par common stock outstanding. On July 1, the board of directors declared a two-for-one stock split. Prepare a memorandum entry in the general journal indicating the new par value and the total number of outstanding shares of common stock
RETAINED EARNINGS APPROPRIATION On October 2, 20-1, the board of directors of Foxworth Company appropriated $80,000 of retained earnings for the purpose of buying a new sailboat (used for entertaining clients). On July 15, 20-2, the sailboat was purchased and the board of directors decided that the
RETAINED EARNINGS STATEMENT McGregor Company had the following balances and results for the current calendar year:Retained earnings, January 1.......$60,000Cash dividends declared........5,000Net income for the year........20,000Prepare a retained earnings statement for the year ended December 31,
CASH DIVIDENDS AND INCOME TAXES During the year ended December 31,20-2, Bebeto Company completed the following selected transactions:Apr. 15 Estimated that its 20-2 income tax will be $30,000. Based on this estimate, it will make four quarterly payments of $7,500 each on April 15, June 15,
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Kuang-fu Company completed the following transactions:Apr. 15 Declared a semiannual dividend of $0.80 per share on preferred stock and $0.50 per share on common stock to shareholders of record on May 5, payable
CASH DIVIDEND AND APPROPRIATION OF RETAINED EARNINGS On January 1, 20--, MacMillan Company’s retained earnings accounts had the following balances:Appropriated for computer........$ 25,000Appropriated for warehouse.........80,000Unappropriated retained
RETAINED EARNINGS ACCOUNTS AND STATEMENT On January 1, 20--, Glover Company’s retained earnings accounts had the following balances:Appropriated for land acquisition......$ 60,000Unappropriated retained earnings.......900,000....................$960,000During the year ended December 31, 20--,
CORPORATE INCOME TAX Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15.1. Prepare the journal entry for April 15.2. Assume that all four quarterly
CLOSING INCOME SUMMARY AND DIVIDENDS TO RETAINED EARNINGS Kennington Company had a net income of $90,000 and paid cash dividends of $18,000 for 20--. Mueller and Hanson Company had a net loss of $20,000 and distributed a 10% stock dividend with a market value of $15,000.1. Prepare the journal
COMMON AND PREFERRED CASH DIVIDENDS Ramirez Company currently has 100,000 shares of $1 par common stock outstanding and 5,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.30 per share on common stock to shareholders of record
STOCK DIVIDENDS Martinez Company currently has 200,000 shares of $1 par common stock outstanding. On March 15, a 5% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at $13 per share.1. Prepare journal entries
STOCK SPLIT Rogerson Company has 40,000 shares of $2 par common stock outstanding.On July 1, the board of directors declared a two-for-one stock split. Prepare a memorandum entry in the general journal indicating the new par value and the total number of outstanding shares of common stock.
RETAINED EARNINGS APPROPRIATION On October 2, 20-1, the board of directors of Carr Company appropriated $400,000 of retained earnings for the purpose of buying a new yacht (used for entertaining clients). On July 15, 20-2, the yacht was purchased and the board of directors decided that the
RETAINED EARNINGS STATEMENT Womack Company had the following balances and results for the current calendar year:Retained earnings, January 1.....$80,000Cash dividends declared.......15,000Net income for the year.......40,000Prepare a retained earnings statement for the year ended December 31, 20--.
CASH DIVIDENDS AND INCOME TAXES During the year ended December 31, 20-2, Tatu Company completed the following selected transactions:Apr. 15 Estimated that its 20-2 income tax will be $160,000. Based on this estimate, it will make four quarterly payments of $40,000 each on April 15, June 15,
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions:Apr. 15 Declared a semiannual dividend of $0.65 per share on preferred stock and $0.45 per share on common stock to shareholders of record on May 5, payable
CASH DIVIDEND AND APPROPRIATION OF RETAINED EARNINGS On January1, 20--, Krausert Company’s retained earnings accounts had the following balances:Appropriated for computer.........$ 50,000Appropriated for warehouse..........70,000Unappropriated retained
RETAINED EARNINGS ACCOUNTS AND STATEMENT On January 1, 20--,Nguyen Company’s retained earnings accounts had the following balances:Appropriated for land acquisition.......$ 75,000Unappropriated retained earnings........825,000.....................$900,000During the year ended December 31, 20--,
The investments committee of your church has come to you for advice. One of the stocks held by the church has paid cash dividends for years. This year, the company issued a 10% stock dividend, so that the church received additional shares rather than cash. The committee is concerned about whether
Richard Petri is the chief financial officer at Computer Electronics, Inc. In this capacity, he attends all monthly board of directors meetings. A special meeting of the board of directors was called to discuss substantially increasing the amount of cash dividends paid to stockholders this year.

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