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Cornerstones of Financial and Managerial Accounting 1st Edition Rich Jones, Mowen, Hansen, Heitger - Solutions

Zachary Corporation’s December 31, 2008 balance sheet included the following amounts:Cash .................... $ 23,400Retained earnings ............... 107,600Zachary’s accountant provided the following data for 2009:Revenues ..................$ 673,900Expenses ..................
The following information is available at the end of 2009.Total assets on 12/31/2008 ........$70,000Total assets on 12/31/2009 ........ 78,000Total liabilities on 12/31/2008 ...... -0-Total liabilities on 12/31/2009 ...... -0-Common stock on 12/31/2008 ...... 50,000Common stock on 12/31/2009 ......
During 2009, Moore Corporation paid $16,000 of dividends. Moore€™s assets, liabilities, and common stock at the end of 2008 and 2009 were:Required:Using the information provided, compute Moore€™s net income for2009.
A company’s annual report includes the following items:Financial statementsNotes to the financial statementsManagement’s discussion and analysisReport of independent accountantsRequired:For each of the following items, where would you most likely find the information in the annual report?a.
Ethical behavior is essential to the conduct of business activity. Consider each of the following business behaviors:1. A manager prepares financial statements that grossly overstate the performance of the business.2. A CPA resigns from an audit engagement rather than allow a business client to
At the beginning of 2009, Huffer Corporation had total assets of $226,800, total liabilities of $84,200, common stock of $80,000, and retained earnings of $62,600. During 2009, Huffer had net income of $31,500, paid dividends of $11,900, and sold additional common stock for $12,000. Huffer's total
Information for Beethoven Music Company is given below.Total assets at the beginning of the year ........$150,000Total assets at the end of the year ........... (a)Total liabilities at the beginning of the year ........ 90,000Total liabilities at the end of the year .......... 130,000Equity at the
Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2009, Powers had $400,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,500 of interest revenue from investments. Powers incurred
Each column presents financial information taken from one of four different companies, with one or more items of data missing.Required:Use your understanding of the relationships among financial statements and financial statement items to find the missing values(a€“h).
The following information for Rogers Enterprises is available at December 31, 2009, and includes all of Rogers’ financial statement amounts except retained earnings:Accounts receivable .............. $ 72,000Cash .................... 15,000Common stock (10,000 shares) ......... 70,000Income tax
Dittman Expositions has the following data available:Dividends, 2009 ........... $ 8,500Dividends, 2010 ........... 9,900Expenses, 2009 ...........386,500Expenses, 2010 ...........410,600Retained earnings, 12/31/2008 ..... 16,900Revenues, 2009 ...........409,700Revenues, 2010
The table below presents the statements of retained earnings for Bass Corporation for three successive years. Certain numbers are missing.Required:Use your understanding of the relationship between successive statements of retained earnings to calculate the missing values(a€“g).
The following information relates to Ashton Appliances for 2009.Accounts payable ................$ 18,000Accounts receivable ............... 70,000Accumulated depreciation, building ........ 100,000Accumulated depreciation, fixtures ......... 30,000Bonds payable (due in 7 years) ..........
Data from the financial statements of four different companies are presented in separate columns in the table below. Each column has one or more data items missing.Required:Use your understanding of the relationships among the financial statement items to determine the missing
Carson Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.Required:Calculate Carson€™s net income or net loss for the year in each of the following independent situations:1. Carson declared no dividends, and its common stock
At the beginning of 2009, KJ Corporation had total assets of $553,700, total liabilities of $261,800, common stock of $139,000, and retained earnings of $152,900. During 2009, KJ had net income of $256,200, paid dividends of $71,100, and sold additional common stock for $94,000. KJ's total assets
Information for TTL, Inc., is given below.Total assets at the beginning of the year .......... $ (a)Total assets at the end of the year ...........730,000Total liabilities at the beginning of the year .......300,000Total liabilities at the end of the year ........... (b)Equity at the beginning of
Parker Renovation Inc. renovates historical buildings for commercial use. During 2009, Parker had $762,000 of revenue from renovation services and $5,000 of interest revenue from miscellaneous investments. Parker incurred $227,000 of wages expense, $135,000 of depreciation expense, $75,000 of
Each column presents financial information taken from one of four different companies, with one or more items of data missing.Required:Use your understanding of the relationships among financial statements and financial statement items to find the missing values(a€“h).
Ross Airport Auto Service provides parking and minor repair service at the local airport while customers are away on business or pleasure trips. The following account balances (except for retained earnings) are available for Ross Airport Auto Service at December 31, 2009.Accounts payable
Magical Experiences Vacation Company has the following data available:Dividends, 2009 ...........$ 12,200Dividends, 2010 ........... 18,900Expenses, 2009 ............. 185,300Expenses, 2010 ............. 310,600Retained earnings, 12/31/2008 ....... 47,100Revenues, 2009 ............ 242,900Revenues,
The table below presents the statements of retained earnings for Dillsboro Corporation for three successive years. Certain numbers are missing.Required:Use your understanding of the relationship between successive statements of retained earnings to calculate the missing values(a€“g).
McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:Accounts payable ..................$ 26,400Accounts receivable ................. 268,700Accumulated depreciation, building ...........
Data from the financial statements of four different companies are presented in separate columns in the table below. Each column has one or more data items missing.Required:Use your understanding of the relationships among the financial statement items to determine the missing
Leno Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.Required:Calculate Leno€™s net income or net loss for the year in each of the following independent situations:1. Leno declared no dividends, and its common stock remained
James Hadden is a freshman at Major State University. His earnings from a summer job, combined with a small scholarship and a fixed amount per term from his parents, are his only sources of income. He has a new MasterCard that was issued to him the week he began classes. It is spring term, and Jim
What is the conceptual framework of accounting? What is its objective?
Identify the characteristics of useful information.
Discuss the trade-offs between relevant and reliable information.
Distinguish between comparability and consistency.
Describe the two constraints on providing useful information.
Identify the four assumptions that underlie accounting.
Discuss the four principles that are used to measure and record business transactions.
How are the financial statements related to generally accepted accounting principles?
Of all the events that occur each day, how would you describe those that are recorded in a firm's accounting records?
In order for a transaction to be recorded in a business' accounting records, the effects of the transaction must be reliably measurable in dollars. What is reliable measurement and why is it important?
What is the basic process used in transaction analysis?
In analyzing a transaction, can a transaction only affect one side of the accounting equation? If so, give an example.
How do revenues and expenses affect the accounting equation?
What is a T-account? Describe the basic components of any account.
Do you agree with the statement that ''debits mean increase and credits mean decrease''? If not, what do debit and credit mean?
The words debit and credit are used in two ways in accounting: ''e.g., to debit an account'' and ''a debit balance.'' Explain both usages of the terms debit and credit.
All accounts have normal balances. What is the normal balance of each of these accounts?a. Cashb. Salesc. Notes payabled. Inventorye. Retained earningsf. Salary expenseg. Equipmenth. Unearned revenue
When a journal entry is made, what must be equal? Why?
Can accounting transactions be directly recorded in the general ledger? If so, why do most companies initially record transactions in the journal?
Why is the term double-entry an appropriate expression for describing an accounting system?
What are the initial steps in the accounting cycle and what happens in each step?
What kinds of errors will a trial balance detect? What kinds of errors will not be detectable by a trial balance?
Multiple-Choice Questions1. What organization is the primary standard-setter in the United States?a. Securities and Exchange Commissionb. Financial Accounting Standards Boardc. International Accounting Standards Boardd. American Institute of Certified Public Accountants2. Which of the following is
Multiple-Choice Questions1. The effects of purchasing inventory on credit are to:a. Increase assets and increase stockholders’ equity.b. Increase assets and increase liabilities.c. Decrease assets and decrease stockholders’ equity.d. Decrease assets and decrease liabilities.2. The effects of
Three statements are given below.a. A company uses the same depreciation method from period to period.b. A trash can that is purchased for $10 is expensed even though it will be used for many years.c. When several accountants agree that the financial information is free from error or bias, the
Three statements are given below.a. A quality of information that enables an analyst to evaluate the financial performance of two different companies in the same industry.b. Timely information that is used to predict future events or provide feedback about prior events is said to possess this
Four statements are given below.a. The accounting records of a company are kept separate from its owners.b. The accountant assigns revenues and expenses to specific years before preparing the financial statements.c. A company values its inventory reported in the financial statements in terms of
Four statements are given below.a. A company recognizes revenue when the goods are delivered to a customer, even though cash will not be collected from the customer for 30 days.b. Land, located in a desirable location, is reported at the original acquisition price, even though its value has
Several events are listed below.a. Common stock is issued to investors.b. An agreement is signed with a janitorial service to provide cleaning services over the next 12 months.c. Inventory is purchased.d. A two-year insurance policy is purchased.e. Inventory is sold to customers.f. Two investors
Four transactions are listed below.a. Purchased supplies on account.b. Used supplies in operations of the business.c. Sold goods to customers on credit.d. Collected amounts due from customers.Required:Prepare three columns labeled assets, liabilities, and stockholders’ equity. For each of the
Morgan, Inc., entered into the following transactions.a. Sold common stock to investors in exchange for $45,000 cash.b. Borrowed $4,000 cash from First State Bank.c. Purchased $9,000 of supplies on credit.d. Paid for the purchase in c.Required:Show the effect of each transaction using the
The Mendholm Company entered into the following transactions.a. Performed services on account, $14,000b. Collected $5,000 from client related to services performed in ac. Paid salaries of $3,500 for the current monthd. Paid $1,500 dividend to stockholdersRequired:Show the effect of each transaction
Refer to the accounts listed below.a. Accounts Receivableb. Retained Earningsc. Salesd. Accounts Payablee. Repair Expensef. Equipmentg. Common Stockh. Salary ExpenseRequired:For each of the accounts, complete the following table by entering the normal balance of the account (debit or credit) and
Four transactions are listed below.a. Issued common stock to several investors for $71,000b. Purchased equipment for $7,800 cashc. Made cash sales of $12,400 to customersd. Issued a $3,200 dividend to stockholdersRequired:Prepare journal entries for the transactions.
Four transactions are listed below.a. Borrowed cash of $8,000 from Middle State Bankb. Made cash sales of $7,500 to customersc. Paid salaries of $9,800 to employees for services performedd. Purchased and used $4,100 of supplies in operations of the businessRequired:Prepare journal entries for the
Listed below are selected T-accounts and their beginning balances for Lee Corporation.Required:Post the transactions in Cornerstone Exercise 2-26 to these accounts and compute an endingbalance.
Listed below are the ledger accounts for Borges, Inc., at December 31, 2009. All accounts have normal balances.Service Revenue ..........$21,630Cash ................ 15,600Accounts Payable .......... 4,600Common Stock ........... 15,000Rent Expense ........... 2,080Dividends ............. $
Listed below are the four qualitative characteristics that make accounting information useful.RelevanceReliabilityComparabilityConsistencyRequired:Match the appropriate qualitative characteristic with the statements below.a. When users can depend on the quality of information provided, the
Presented below are the four assumptions and four principles used in measuring and reporting accounting information. Assumptions PrinciplesEconomic entity ........... Historical costContinuity (going-concern) ...... Revenue recognitionTime-period ............ MatchingMonetary unit
The following economic events that were related to K&B Grocery Store occurred during 2009.a. On February 15, K&B placed an order for a new cash register with NCR, for which$700 would be paid after delivery.b. On February 17, K&B received a bill from Indianapolis Power and Light indicating that it
The following events occurred for Parker Company.a. Paid $5,000 cash for landb. Performed consulting services for a client in exchange for $1,200 cashc. Performed consulting services for a client on account, $700d. Stockholders invested $12,000 cash in the businesse. Purchased office supplies on
Amanda Webb opened a home health care business under the name Home Care, Inc.During its first month of operations, the business had the following transactions:a. Sold common stock to Ms. Webb and other stockholders in exchange for $25,000 cashb. Paid $15,000 cash for a parcel of land on which the
The accountant for Compton Inc. has collected the following information:a. Compton purchased a tract of land from Jacobsen Real Estate for $860,000 to be used in its operations.b. Compton issued 2,000 shares of its common stock to George Micros in exchange for $120,000 cash.c. Compton purchased a
Each of the following balance sheet changes is associated with a particular transaction:a. Cash increases by $100,000 and capital stock increases by $100,000.b. Cash decreases by $22,000 and land increases by $22,000.c. Cash decreases by $9,000 and retained earnings decreases by $9,000.d. Cash
Goal Systems, a business consulting firm, engaged in the following transactions:a. Sold capital stock for $50,000 cashb. Borrowed $20,000 from a bankc. Purchased equipment for $7,000 cashd. Prepaid rent on office space for six months in the amount of $6,600e. Performed consulting services in
During December, Cynthiana Refrigeration Service engaged in the following transactions:a. On December 3, Cynthiana sold a one-year service contract to Cub Foods for $8,000 cash.b. On December 10, Cynthiana repaired equipment of the A&W Root Beer Drive-In.A & W paid $800 in cash for the service
The following accounts are available for Haubstadt Shoe Works:Accounts PayableAccounts ReceivableAccumulated Depreciation, BuildingAccumulated Depreciation, EquipmentBuildingCashCommon StockCost of Goods SoldDepreciation Expense, BuildingDepreciation Expense, EquipmentEquipmentGeneral and
Lincoln Corporation was involved in the following transactions during the current year:a. The owners invested cash in the business in exchange for common stock.b. Lincoln borrowed cash from the local bank on a note payable.c. Lincoln purchased operating assets on credit.d. Lincoln purchased
Jefferson Framers engaged in the following transactions:a. Purchased land for $15,200 cashb. Purchased equipment for $23,600 in exchange for a one-year, 11 percent note payablec. Purchased office supplies on credit for $1,200 from Office Depotd. Paid the $10,000 principal plus $700 interest on a
Kauai Adventures rents surfboards and snorkeling and scuba equipment. During March 2009, Kauai engaged in the following transactions:March 2 Received $34,200 cash from customers for rental3 Purchased on credit five new surfboards for $110 each6 Paid wages to employees in the amount of $11,5009 Paid
Remington Communications has been providing cellular phone service for several years.During November and December 2009, the following transactions occurred:Nov. 2 Remington received $1,200 for November phone service from Enrico Company.6 Remington purchased $5,800 of supplies from Technology
Pasta House, Inc., was organized in January 2009. During the year, the following transactions occurred:a. On January 14, Pasta House, Inc., sold Martin Halter, the firm’s founder and sole owner, 10,000 shares of its common stock for $7 per share.b. On the same day, Bank One loaned Pasta House
Rosenthal Decorating, Inc., is a commercial painting and decorating contractor that began operations in January 2009. The following transactions occurred during the year:a. On January 15, Rosenthal sold 500 shares of its common stock to William Hensley for $10,000.b. On January 24, Rosenthal
The following accounts and account balances are available for Badger Auto Parts at December 31, 2009:Accounts Payable .................... $ 9,200Accounts Receivable ................... 41,100Accumulated Depreciation, Furniture and Fixtures ....... 47,300Cash .......................... 3,700Common
The bookkeeper for Riley, Inc., made the following errors:a. A cash purchase of supplies of $357 was recorded as a debit to Supplies for $375 and a credit to Cash of $375.b. A cash sale of $3,154 was recorded as a debit to Cash of $3,154 and a credit to Sales of $3,145.c. A purchase of equipment
The accountant for Boatsman Products, Inc., received the following information:a. Boatsman sent its customers a new price list. Prices were increased an average of 3 percent on all items.b. Boatsman accepted an offer of $150,000 for land that it had purchased two years ago for $130,000. Cash and
Luis Madero, after working for several years with a large public accounting firm, decided to open his own accounting service. The business is operated as a corporation under the name Madero Accounting Services. The following captions and amounts summarize Madero's balance sheet at July 31,
The following T-accounts summarize the operations of Chen Construction Company for July 2009.Required:1. Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transaction that most likely took place.2. Prepare a trial balance at
A list of accounts for Montgomery, Inc., appears below.Accounts PayableAccounts ReceivableAccumulated DepreciationCashCommon StockDepreciation ExpenseEquipmentIncome Tax ExpenseInterest ExpenseLandNotes PayablePrepaid RentRetained EarningsSalaries ExpenseService RevenueSupplies
Monroe Company rents electronic equipment. During September 2009, Monroe engaged in the transactions described below.Sept. 5 Purchased a Chevrolet truck for $32,000 cash8 Purchased Sony amplifiers for $2,500 on account10 Purchased $1,750 of office supplies on credit11 Rented sound equipment to a
Cincinnati Painting Service, Inc., specializes in painting houses. During the month of June, Cincinnati Painting engaged in the following transactions:June 3 Purchased painting supplies from River City Supply for $750 on credit8 Purchased a used van from Hamilton Used Car Sales for $6,500, paying
Karleen’s Catering Service provides catered meals to individuals and businesses.Karleen’s purchases its food ready to serve from Mel’s Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2009.a. During the
Western Sound Studios records and masters audio tapes of popular artists in live concerts.The performers use the tapes to prepare ‘‘live’’ albums, CDs, and MP3s. The following account balances were available at the beginning of 2009:Accounts Payable ............$ 11,900Accounts Receivable
The following list contains events that occurred during January 2009 at the local Ford dealer, Malcom Motors:a. California Central University (CCU) signed a contract to purchase a fleet of Ford Crown Victoria vehicles from Malcom Motors at a total price of $200,000, payable to Malcom in two equal
Several years ago, Mary Emerson founded Emerson Consulting, Inc., a consulting business specializing in financial planning for young professionals. The following captions and amounts summarize Emerson Consulting's balance sheet at December 31, 2008, the beginning of the current year:During January
The following T-accounts summarize the operations of Brilliant Minds, Inc., a tutoring service, for April 2009.Required:1. Assuming that only one transaction occurred on each day (beginning on April 3) and that no dividends were paid, describe the transaction that most likely took place.2. Prepare
A list of accounts for Montgomery, Inc., appears below.Accounts PayableAccounts ReceivableBonds PayableBuildingCashCommon StockCost of Goods SoldDepreciation ExpenseIncome Taxes PayableInsurance ExpenseIntangiblesInterest ExpenseInventoryLong-Term InvestmentsRetained EarningsSalesUnearned
Monilast Chemicals engaged in the following transactions during December 2009:Dec. 2 Prepaid rent on office furniture for six months, $9,0003 Borrowed $25,000 on a nine-month, 12 percent note7 Provided services on credit, $35,00010 Purchased supplies on credit, $12,00013 Collected accounts
Findlay Testing, Inc., provides water testing and maintenance services for owners of hot tubs and swimming pools. During September the following transactions occurred:Sept. 1 Purchased chemical supplies for $1,750 cash5 Paid office rent for September, October, and November; the rent is $800 per
Sweetwater Temporary Clerical Help Service opened for business in June 2009. From the opening until the end of the year, Sweetwater engaged in the activities described below. So that a realistic trial balance can be prepared, the events described below are aggregations of many individual events.a.
Mulberry Services sells electronic data processing services to firms too small to own their own computing equipment. Mulberry had the following accounts and account balances as of January 1, 2009:Accounts Payable .................$ 14,000Accounts Receivable .................. 130,000Common Stock
Susan Eel wants to sell you her wholesale fish store. She shows you a balance sheet with total assets of $150,000 and total liabilities of $20,000. According to the income statement, last year's net income was $40,000.When examining the accounting records, you notice that several accounts
You have the following data for Cable Company’s accounts receivable and accounts payable for 2009:Accounts receivable, 1/1/2009 ........$ 5,9002009 sales on credit ............. 97,400Accounts receivable, 12/31/2009 ....... 7,200Wages payable, 1/1/2009 ........... 4,6002009 wage expense
Kathryn Goldsmith is the chief accountant for Clean Sweep, a national carpet-cleaning service with a December fiscal year-end. As Kathryn was preparing the 2009 financial statements for Clean Sweep, she noticed several odd transactions in the general ledger for December.For example, rent for

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