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Accounting Principles 9th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

Karen Sommers Travel Agency purchased land for $90,000 cash on December 10, 2010. At December 31, 2010, the land’s value has increased to $93,000. What amount should be reported for land on Karen Sommers’s balance sheet at December 31, 2010? Explain.
What is the monetary unit assumption?
What are the three basic forms of business organizations for profit-oriented enterprises?
Maria Gonzalez is the owner of a successful printing shop. Recently her business has been increasing, and Maria has been thinking about changing the organization of her business from a proprietorship to a corporation. Discuss some of the advantages Maria would enjoy if she were to incorporate her
(a) Define the terms assets, liabilities, and owner’s equity. (b) What items affect owner’s equity?
Which of the following items are liabilities of Stanley Jewelry Stores?(a) Cash. (b) Accounts payable. (c) Drawings. (d) Accounts receivable.(e) Supplies.(f) Equipment.(g) Salaries payable. (i) Rent expense.(h) Service revenue.
Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example.
Are the following events recorded in the accounting records? Explain your answer in each case.(a) The owner of the company dies.(b) Supplies are purchased on account.(c) An employee is fired.(d) The owner of the business withdraws cash from the business for personal use.
Indicate how the following business transactions affect the basic accounting equation.(a) Paid cash for janitorial services.(b) Purchased equipment for cash.(c) Invested cash in the business.(d) Paid accounts payable in full.
Listed below are some items found in the financial statements of Alex Greenspan Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue. (b) Equipment. (c) Advertising expense. (d) Accounts receivable.(f) Wages payable.(e) Alex Greenspan, Capital.
In February 2010, Paula King invested an additional $10,000 in her business, King’s Pharmacy, which is organized as a proprietorship. King’s accountant, Lance Jones, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate? Why or why not?
A company’s net income appears directly on the income statement and the owner’s equity statement, and it is included indirectly in the company’s balance sheet. Do you agree? Explain.
Garcia Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000.(a) Assuming no additional investment or withdrawals during the period, what is the net income for the period?(b) Assuming an additional
Summarized operations for J. R. Ross Co. for the month of July are as follows. Revenues earned: for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000. Indicate for J. R. Ross Co. (a) The total revenues, (b) The total expenses, and (c) Net income for the
Presented below is the basic accounting equation. Determine the missing amounts. Assets = Liabilities + Owner’s Equity(a) $90,000 $50,000 ?(b) ? $40,000 $70,000(c) $94,000 ? $60,000
Given the accounting equation, answer each of the following questions(a) The liabilities of McGlone Company are $120,000 and the owner’s equity is $232,000.What is the amount of McGlone Company’s total assets?(b) The total assets of Company are $190,000 and its owner’s equity is $80,000. What
At the beginning of the year, Hernandez Company had total assets of $800,000 and total liabilities of $500,000. Answer the following questions.(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner’s equity at the end of the
Use the expanded accounting equation to answer each of the following questions: (a) The liabilities of Cai Company are $90,000. Meiyu Cai’s capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Cai Company’s total assets?(b) The
Indicate whether each of the following items is an asset (A), liability (L), or part of owner’s equity (OE)._______(a) Accounts receivable _______(d) Office supplies_______(b) Salaries payable _______(e) Owner’s investment_______(c) Equipment _______(f) Notes payable
Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), (c) with columns for assets, liabilities, and owner’s equity. For each column, indicate whether the transactions increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and
Follow the same format as BE1-6 on the previous page. Determine the effect on assets, liabilities, and owner’s equity of the following three transactions.(a) Invested cash in the business.(b) Withdrawal of cash by owner.(c) Received cash from a customer who had previously been billed for services
Classify each of the following items as owner’s drawing (D), revenue (R), or expense (E)._______(a) Advertising expense _______(e) Bergman, Drawing_______(b) Commission revenue _______(f) Rent revenue_______(c) Insurance expense _______(g) Utilities expense_______(d) Salaries expense
Presented below are three transactions. Mark each transaction as affecting owner’s investment (I), owner’s drawings (D), revenue (R), expense (E), or not affecting owner’s equity (NOE)._______(a) Received cash for services performed_______(b) Paid cash to purchase equipment_______(c) Paid
In alphabetical order below are balance sheet items for Lopez Company at December 31, 2010. Kim Lopez is the owner of Lopez Company. Prepare a balance sheet, following the format of Illustration 1-9.Accounts payable....... $90,000Accounts receivable...... $72,500Cash............ $49,000Kim Lopez,
Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or owner’s equity statement (OE)._______(a) Notes payable _______(d) Cash_______(b) Advertising expense _______(e) Service revenue_______(c) Trent Buchanan, Capital
Indicate whether each of the five statements presented below is true or false.1. The three steps in the accounting process are identification, recording, and examination.2. The two most common types of external users are investors and creditors.3. Congress passed the Sarbanes-Oxley Act of 2002 to
Classify the following items as investment by owner (I), owner’s drawings (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases owner’s equity.(1) Drawings (2) Rent Revenue (3) Advertising Expense(4) Owner puts personal assets into the business
Transactions made by Orlando Carbrera and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation, similar to that shown in Illustration 1-8.1. The company provided $20,000 of services for
Presented below is selected information related to Broadway Company at December 31, 2010. Broadway reports financial information monthly. (a) Determine the total assets of Broadway Company at December 31, 2010.(b) Determine the net income that Broadway Company reported for December 2010.(c)
Urlacher Company performs the following accounting tasks during the year.______Analyzing and interpreting information.______Classifying economic events.______Explaining uses, meaning, and limitations of data.______Keeping a systematic chronological diary of events.______Measuring events in dollars
(a) The following are users of financial statements.______Customers ______Securities and Exchange Commission______Internal Revenue Service ______Store manager______Labor unions ______Suppliers______Marketing manager ______Vice-president of finance______Production
Larry Smith, president of Smith Company, has instructed Ron Rivera, the head of the accounting department for Smith Company, to report the company’s land in the company’s accounting reports at its market value of $170,000 instead of its cost of $100,000. Smith says, “Showing the land at
The following situations involve accounting principles and assumptions.1. Grossman Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Grossman reports the buildings at market value in its accounting reports.2. Jones
Meredith Cleaners has the following balance sheet items.Accounts payable Accounts receivableCash Notes payableCleaning equipment Salaries payableCleaning supplies Karin Meredith, CapitalInstructionsClassify each item as an asset, liability, or owner’s equity.
Selected transactions for Evergreen Lawn Care Company are listed below.1. Made cash investment to start business.2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers for services performed.5. Withdrew cash for owner’s personal use.6. Received cash from customers billed in
Brandon Computer Timeshare Company entered into the following transactions duringMay 2010.1. Purchased computer terminals for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May rent on storage space.3. Received $15,000 cash from customers for contracts billed in April.4. Provided
An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities. Instructions(a) Describe each transaction that occurred for the month.(b) Determine
An analysis of transactions for S. Moses & Co. was presented in E1–8.InstructionsPrepare an income statement and an owner’s equity statement for August and a balance sheet at August 31, 2010.
Lily Company had the following assets and liabilities on the dates indicated. Lily began business on January 1, 2009, with an investment of $100,000.InstructionsFrom an analysis of the change in owners equity during the year, compute the net income (or loss) for:(a) 2009, assuming Lilys drawings
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2010, Craig Cantrel and Mills Enterprises. InstructionsDetermine the missingamounts.
The following information relates to Linda Stanley Co. for the year 2010.InstructionsAfter analyzing the data, prepare an income statement and an owner’s equity statement for the year ending December 31, 2010.
Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendez’s balance sheet is shown below.InstructionsPrepare a correct balance sheet.
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Instructions(a) Determine Jan Nab??s net income from Deer Park for 2010.(b) Prepare a balance sheet for Deer
Presented below is financial information related to the 2010 operations of Summers Cruise Company.Maintenance expense............ $ 95,000Property tax expense (on dock facilities)... 10,000Salaries expense.............. 142,000Advertising expense........... 3,500Ticket
Presented below is information related to the sole proprietorship of Kevin Johnson, attorney.Legal service revenue—2010.......$350,000Total expenses—2010......... 211,000Assets, January 1, 2010......... 85,000Liabilities, January 1, 2010....... 62,000Assets, December 31, 2010......
Barone’s Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions is presented below.1. Invested $10,000 cash to start the repair shop.2. Purchased equipment for $5,000 cash.3. Paid $400 cash for May office rent.4. Paid $500 cash for supplies.5. Incurred $250 of advertising
Maria Gonzalez opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and M. Gonzalez, Capital $13,700. During September the following
On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flying lessons, by investing $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2010, and the revenues and expenses for the month of May. Jeff Wilkins made no additional
Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. The following transactions occurred during the month of June. June 1 Mark invested $10,000 cash in the business. 2 Purchased a used van for deliveries for $12,000. Mark paid $2,000 cash and signed a note payable for
Financial statement information about four different companies is as follows. Instructions(a) Determine the missing amounts. (b) Prepare the owner??s equity statement for Yates Company.(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of
On April 1, Vinnie Venuchi established Vinnie’s Travel Agency. The following transactions were completed during the month.1. Invested $15,000 cash to start the agency.2. Paid $600 cash for April office rent.3. Purchased office equipment for $3,000 cash.4. Incurred $700 of advertising costs in the
Jenny Brown opened a law office, on July 1, 2010. On July 31, the balance sheet showedCash $5,000, Accounts Receivable $1,500, Supplies $500, Office Equipment $6,000, Accounts Payable $4,200, and Jenny Brown, Capital $8,800. During August the following transactions occurred.1. Collected $1,200
On June 1, Michelle Sasse started Divine Creations Co., a company that provides craft opportunities, by investing $15,200 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June. Michelle made no additional
Michelle Rodriguez started her own consulting firm, Rodriguez Consulting, on May 1, 2010.The following transactions occurred during the month of May.May 1 Michelle invested $7,000 cash in the business.2 Paid $900 for office rent for the month.3 Purchased $600 of supplies on account.5 Paid $125 to
Financial statement information about four different companies is as follows. Instructions(a) Determine the missing amounts. (b) Prepare the owner??s equity statement for Donatello Company.(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship
As discussed in the All About You feature in this chapter (p. 25), some people are tempted to make their finances look worse to get financial aid. Companies sometimes also manage their financial numbers in order to accomplish certain goals. Earnings management is the planned timing of revenues,
The actual financial statements of PepsiCo, Inc., as presented in the company’s 2007 annual report, are contained in Appendix A (at the back of the textbook).InstructionsRefer to Pepsi’s financial statements and answer the following questions.(a) What were Pepsi’s total assets at December
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B. Instructions(a) Based on the information contained in these financial statements, determine the following for each company.(1) Total assets at December 29,
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers. Address: www.careers-in-accounting.com, or go to www.wiley.com/college/weygandt InstructionsGo to the site shown above. Answer the following questions.(a) What are the three broad
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2010, by investing $25,000 of their cash savings in the business. A caddy shack was constructed for cash at a cost of $8,000, and $800 was spent on golf balls and golf clubs. The Grays leased five acres of land at
Lynn Benedict, the bookkeeper for New York Company, has been trying to get the balance sheet to balance InstructionsExplain to Lynn Benedict in a memo why the original balance sheet is incorrect, and what should be done to correctit.
After numerous campus interviews, Steve Baden, a senior at Great Northern College, received two office interview invitations from the Baltimore offices of two large firms. Both firms offered to cover his out-of-pocket expenses (travel, hotel, and meals). He scheduled the interviews for both firms
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives them a basis for planning for the future. As discussed in the All About You feature in this chapter,
If a company’s revenues are $125,000 and its expenses are $113,000, in which financial statement columns of the worksheet will the net income of $12,000 appear? When expenses exceed revenues, in which columns will the difference appear?
Identify the account(s) debited and credited in each of the four closing entries, assuming the company has net income for the year.
Describe the nature of the Income Summary account and identify the types of summary data that may be posted to this account.
Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?
Indicate, in the sequence in which they are made, the three required steps in the accounting cycle that involve journalizing.
Identify, in the sequence in which they are prepared, the three trial balances that are often used to report financial information about a company.
How do correcting entries differ from adjusting entries?
What standard classifications are used in preparing a classified balance sheet?
What is meant by the term “operating cycle?”
Define current assets. What basis is used for arranging individual items within the current assets section?
Distinguish between long-term investments and property, plant, and equipment.
(a) What is the term used to describe the owner’s equity section of a corporation? (b) Identify the two owners’ equity accounts in a corporation and indicate the purpose of each.
Using PepsiCo’s annual report, determine its current liabilities at December 29, 2007, and December 30, 2006. Were current liabilities higher or lower than current assets in these two years?
At December 31, accrued salaries payable totaled $3,500. On January 10, total salaries of $8,000 are paid. (a) Assume that reversing entries are made at January 1. Give the January 10 entry, and indicate the Salaries Expense account balance after the entry is posted. (b) Repeat part (a) assuming
The steps in using a worksheet are presented in random order below. List the steps in the proper order by placing numbers 1–5 in the blank spaces.(a) _____ Prepare a trial balance on the worksheet.(b) _____ Enter adjusted balances.(c) _____ Extend adjusted balances to appropriate statement
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company: Accumulated Depreciation; Depreciation Expense; N. Batan, Capital; N. Batan, Drawing; Service Revenue; Supplies; and Accounts Payable. Indicate the financial statement column (income
The ledger of Swann Company contains the following balances: D. Swann, Capital $30,000; D. Swann, Drawing $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies Expense $4,000. Prepare the closing entries at December 31.
Using the data in BE4-4, enter the balances in T accounts, post the closing entries, and rule and balance the accounts.
The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare the entries to close the revenue and expense accounts. Post the entries to the revenue and expense accounts,
Using the data in BE4-3, identify the accounts that would be included in a post-closing trial balance.
The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9 in the blank spaces.(a) _____ Prepare a trial balance.(b) _____ Journalize the transactions.(c) _____ Journalize and post closing
At Batavia Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for $780 was recorded as a debit to Cash $780 and a credit to Service Revenue $780.2. The purchase of store
The balance sheet debit column of the worksheet for Diaz Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $15,400; Supplies $5,200, and Short-term Investments $6,700. Prepare the current assets section of the balance sheet, listing the accounts
The following are the major balance sheet classifications:Current assets (CA).......... Current liabilities (CL)Long-term investments (LTI)....... Long-term liabilities (LTL)Property, plant, and equipment (PPE)... Owner’s equity (OE)Intangible assets (IA)Match each of the following accounts to
At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.
Vladimir Klitschko is preparing a worksheet. Explain to Vladimir how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Service Revenue........ Accounts ReceivableNotes Payable......... Accumulated DepreciationV. Klitschko,
The worksheet for Adams Company shows the following in the financial statement columns.J.Q.Adams, Drawing.... $22,000J.Q.Adams, Capital.... 70,000Net income....... 29,000Prepare the closing entries at December 31 that affect owner’s capital.
Javier Vasquez recently received the following information related to Vasquez Company??s December 31, 2010, balance sheet. Prepare the assets section of Vasquez Company??s classified balancesheet.
The following accounts were taken from the financial statements of Crofoot Company.______ Interest revenue ______ J. Crofoot, Capital______ Utilities payable ______ Accumulated depreciation______ Accounts payable ______ Machinery______ Supplies ______ Salaries expense______ Bonds
The trial balance columns of the worksheet for Briscoe Company at June 30, 2010, are as follows.Other data:1. A physical count reveals $300 of supplies on hand.2. $100 of the unearned revenue is still unearned at month-end.3. Accrued salaries are $280.InstructionsEnter the trial balance on a
The adjusted trial balance columns of the worksheet for Goode Company are as follows. InstructionsComplete theworksheet.
Worksheet data for Goode Company are presented in E4-2.The owner did not make any additional investments in the business in April.InstructionsPrepare an income statement, an owner’s equity statement, and a classified balance sheet.
Worksheet data for Goode Company are presented in E4-2.Instructions(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and T. Goode, Capital. Use T accounts.(c) Prepare a post-closing trial balance at April 30.
The adjustments columns of the worksheet for Mears Company are shown below. Instructions(a) Prepare the adjusting entries.(b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should beextended.
Selected worksheet data for Nicholson Company are presented below. Instructions(a) Fill in the missing amounts.(b) Prepare the adjusting entries that weremade.
Emil Skoda Company had the following adjusted trial balance. Instructions(a) Prepare closing entries at June 30, 2010.(b) Prepare a post-closing trialbalance.
Apachi Company ended its fiscal year on July 31, 2010. The company??s adjusted trial balance as of the end of its fiscal year is as shown at the top of page 182. Instructions(a) Prepare the closing entries using page J15.(b) Post to B. J. Apachi, Capital and No. 350 Income Summary accounts. (Use

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