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Financial Accounting 7th Edition LibbyShort - Solutions

Matching Definitions with TermsMatch each definition with its related term by entering the appropriate letter in the spaceprovided.
Recording Adjusting Entries (Deferred Accounts)In each of the following transactions (a) through (c) for Romney’s Marketing Company, use the threestep process illustrated in the chapter to record the adjusting entry at year-end December 31, 2012. The process includes (1) determining if revenue
Determining Financial Statement Effects of Adjusting Entries (Deferred Accounts)For each of the transactions in M4-4, indicate the amounts and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase,
Recording Adjusting Entries (Accrued Accounts)In each of the following transactions (a) through (c) for Romney’s Marketing Company, use the three step process illustrated in the chapter to record the adjusting entry at year-end December 31, 2012. The process includes (1) determining if revenue
Determining Financial Statement Effects of Adjusting Entries (Accrued Accounts)For each of the transactions in M4-6, indicate the amounts and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format, indicate + for increase,
Reporting an Income Statement with Earnings per ShareRomney's Marketing Company has the following adjusted trial balance at December 31, 2012. No dividends were declared. However, 500 shares issued at the end of the year for $3,000 are included below:Prepare a multi-step income statement in good
Reporting a Statement of Stockholders’ EquityRefer to M4-8. Prepare a statement of stockholders’ equity in good form for 2012.
Reporting a Balance Sheet and Explaining the Effects of Adjustments on the Statement of Cash Flows1. Prepare a classified balance sheet in good form at December 31, 2012 from the information in M4-8.2. Explain how the adjustments in M4-4 and M4-6 affected the operating, investing, and financing
Analyzing Net Profit MarginCompute net income based on the adjusted trial balance in M4-8. Then compute Romney’s Marketing Company’s net profit margin for 2012.
Recording Closing EntriesRefer to the adjusted trial balance in M4-8. Prepare the closing entry on December 31, 2012.
Preparing a Trial BalanceDell Inc. is the world's largest computer systems company selling directly to customers. Products include desktop computer systems, notebook computers, workstations, network server and storage products, and peripheral hardware and software. The following is a list of
Recording Adjusting Entries Zimmerman Company’s annual accounting year ends on December 31. It is December 31, 2011, and all of the 2011 entries except the following adjusting entries have been made:a. On September 1, 2011, Zimmerman collected six months’ rent of $8,400 on storage space. At
Recording Adjusting Entries Brayden Towing Company is at the end of its accounting year, December 31, 2011. The following data that must be considered were developed from the company’s records and related documents:a. On January 1, 2011, the company purchased a new hauling van at a cash cost of
Determining Financial Statement Effects of Adjusting EntriesRefer to P4-2.Required:1. Indicate whether each transaction relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense.2. Using the following headings, indicate the effect of each adjusting entry and the amount of
Determining Financial Statement Effects of Adjusting EntriesRefer to P4-3.Required:1. Indicate whether each transaction relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense.2. Using the following headings, indicate the effect of each adjusting entry and the amount of
Inferring Year-End Adjustments, Computing Earnings per Share and Net Profit Margin, and Recording Closing EntriesRamirez Company is completing the information processing cycle at its fiscal year-end, December 31, 2012. Following are the correct balances at December 31, 2012, for the accounts both
Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share (AP4-7)Ellis, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial
Recording Transactions (Including Adjusting and Closing Entries), Preparing a Complete Set of Financial Statements, and Performing Ratio AnalysisBrothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2011. The annual reporting period ends December
Recording Transactions (Including Adjusting and Closing Entries), Preparing a Complete Set of Financial Statements, and Performing Ratio AnalysisJosh and Kelly McKay began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2012. The annual reporting period ends
Preparing a Trial BalanceStarbucks Corporation purchases and roasts high-quality whole bean coffees and sells them along with fresh-brewed coffees, Italian-style espresso beverages, a variety of pastries and confections, coffee-related accessories and equipment, and a line of premium teas. In
Recording Adjusting Entries Hannah Company’s annual accounting year ends on June 30. It is June 30, 2012, and all of the entries for the current year have been made except the following adjusting entries:a. On March 30, 2012, Hannah paid a six-month premium for property insurance, $3,200, for
Recording Adjusting Entries Bill’s Catering Company is at its accounting year-end, December 31, 2011. The following data that must be considered were developed from the company’s records and related documents:a. During 2011, office supplies amounting to $1,200 were purchased for cash and
Determining Financial Statement Effects of Adjusting EntriesRefer to AP4-2.Required:1. Indicate whether each transaction relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense.2. Using the following headings, indicate the effect of each adjusting entry and the amount
Determining Financial Statement Effects of Adjusting EntriesRefer to AP4-3.Required:1. Indicate whether each transaction relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense.2. Using the following headings, indicate the effect of each adjusting entry and the amount
Inferring Year-End Adjustments, Computing Earnings per Share and Net Profit Margin, and Recording Closing EntriesTaos Company is completing the information processing cycle at the end of its fiscal year, December 31, 2011. Following are the correct balances at December 31, 2011, for the accounts
Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per ShareSouth Bend Repair Service Co. keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.Required:1. How much cash did the company pay for income taxes in its 2008 fiscal year (for the year ended January 31, 2009)?2. What was the company’s best quarter in
Finding Financial InformationRefer to the financial statements of Urban Outfitters in Appendix C at the end of this book.Required:1. How much is in the Prepaid Expenses and Other Current Assets account at the end of the most recent year (for the year ended January 31, 2009)? Where did you find
Comparing Companies within an Industry and Over TimeRefer to the financial statements of American Eagle Outfitters in Appendix B, Urban Outfitters in Appendix C, and the Industry Ratio Report in Appendix D at the end of this book.Required:1. What was Advertising Expense for each company for the
Computing Amounts on Financial Statements and Finding Financial InformationThe following information was provided by the records of Elm Tree Apartments (a corporation) at the end of the annual fiscal period, December 31, 2011:Renta. Rent revenue collected in cash during 2011 for occupancy in 2011,
Using Financial Reports: Inferring Adjusting Entries and Information Used in Computations and Recording Closing EntriesThe pre-closing balances in the T-accounts of Waldman Company at the end of the third year of operations, December 31, 2011, follow. The 2011 adjusting entries are identified by
Using Financial Reports: Analyzing the Effects of AdjustmentsCarey Land Company, a closely held corporation, invests in commercial rental properties. Carey’s annual accounting period ends on December 31. At the end of each year, numerous adjusting entries must be made because many transactions
Using Financial Reports: Inferring Adjusting and Closing Entries and AnsweringAnalytical QuestionsWaddell Company was organized on January 1, 2011. At the end of the first year of operations,December 31, 2011, the bookkeeper prepared the following trial balances (amounts in thousands of
Using Financial Reports: Analyzing Financial Information in a Sale of a Business (A Challenging Case)Crystal Mullinex owns and operates Crystal€™s Day Spa and Salon, Inc. She has decided to sell the business and retire. She has had discussions with a representative from a regional chain
Using Financial Reports: Evaluating Financial Information as a Bank Loan OfficerStoscheck Moving Corporation has been in operation since January 1, 2012. It is now December 31, 2012, the end of the annual accounting period. The company has not done well financially during the first year, although
Evaluating the Effect of Adjusting Unearned Subscriptions on Cash Flows and Performance as a ManagerYou are the regional sales manager for Miga News Company. Miga is making adjusting entries for the year ended March 31, 2013. On September 1, 2012, customers in your region paid $24,000 cash for
Define accounting.
Briefly distinguish financial accounting from managerial accounting.
The accounting process generates financial reports for both internal and external users. Identify some of the groups of users.
Briefly distinguish investors from creditors.
What is an accounting entity? Why is a business treated as a separate entity for accounting purposes?
Complete the following:Name of Statement Alternative Titlea. Income statement a.________________________b. Balance sheet b.________________________c. Audit report c.________________________
What information should be included in the heading of each of the four primary financial statements?
What are the purposes of? (a) The income statement, (b) The balance sheet, (c) The statement of cash flows, and (d) The statement of retained earnings?
Explain why the income statement and the statement of cash flows are dated “For the Year Ended December 31, 2010,” whereas the balance sheet is dated “At December 31, 2010.”
Briefly explain the importance of assets and liabilities to the decisions of investors and creditors.
What is the primary objective of financial reporting for external users?
Define the following:a. Assetb. Current assetc. Liabilityd. Current liabilitye. Contributed capitalf. Retained earnings
Explain what the following accounting terms mean:a. Separate-entity assumptionb. Unit-of-measure assumptionc. Continuity assumptiond. Historical cost principle
Why are accounting assumptions necessary?
For accounting purposes, what is an account? Explain why accounts are used in an accounting system.
What is the fundamental accounting model?
Define a business transaction in the broad sense, and give an example of two different kinds of transactions.
Explain what debit and credit mean.
Briefly explain what is meant by transaction analysis. What are the two steps in transaction analysis?
What two accounting equalities must be maintained in transaction analysis?
What is a journal entry?
What is a T-account? What is its purpose?
How is the current ratio computed and interpreted?
What transactions are classified as investing activities in a statement of cash flows? What transactions are classified as financing activities?
Multiple Choice Question 1. If a publicly traded company is trying to maximize its perceived value to decision makers external to the corporation, the company is most likely to understate which of the following on its balance sheet?a. Assets b. Liabilitiesc. Retained Earningsd. Contributed
Matching Definitions with TermsMatch each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).Term (1) Transaction(2) Continuity assumption(3) Balance sheet(4)
Identifying Account TitlesThe following are independent situations.a. A new company is formed and sells 100 shares of stock for $12 per share to investors.b. A company purchases for $18,000 cash a new delivery truck that has a list, or sticker, price of $21,000.c. A women’s clothing retailer
Classifying Accounts and Their Usual BalancesAs described in a recent annual report, Verizon Wireless provides wireless voice and data services across one of the most extensive wireless networks in the United States. Verizon now serves more than 80 million customers, making it the largest wireless
Determining Financial Statement Effects of Several TransactionsThe following events occurred for Christensen Company:a. Received investment of $34,000 cash by organizers and distributed stock to them.b. Purchased $8,000 of equipment, paying $1,000 in cash and signing a note for the rest.c. Borrowed
Determining Financial Statement Effects of Several TransactionsNike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions of
Recording Investing and Financing ActivitiesRefer to E2-4.Required:For each of the events (a) through (e) in E2-4, prepare journal entries, checking that debits equal credits.
Recording Investing and Financing ActivitiesRefer to E2-5.Required:1. For each of the events (a) through (f) in E2-5, prepare journal entries, checking that debits equal credits.2. Explain your response to event (e).
Analyzing the Effects of Transactions in T-AccountsGranger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year:a. Received $63,000 cash from the investors; each was issued 1,400 shares of capital stock.b. Purchased
Inferring Investing and Financing Transactions and Preparing a Balance SheetDuring its first week of operations ending January 7, 2011, FastTrack Sports Inc. completed six transactions with the dollar effects indicated in the following schedule:Required:1. Write a brief explanation of each
Inferring Investing and Financing Transactions and Preparing a Balance SheetDuring its first month of operations in March 2011, Volz Cleaning, Inc., completed six transactions with the dollar effects indicated in the following schedule:Required:1. Write a brief explanation of transactions (1)
Recording Journal EntriesJefferson Corporation was organized on May 1, 2011. The following events occurred during the first month.a. Received $65,000 cash from the five investors who organized Jefferson Corporation.b. Ordered store fixtures costing $20,000.c. Borrowed $10,000 cash and signed a note
Recording Journal EntriesBMW Group, headquartered in Munich, Germany, manufactures several automotive brands including BMW Group, MINI, and Rolls-Royce. Financial information is reported in the euro (€) monetary unit using International Financial Reporting Standards (IFRS) as applicable to the
Analyzing the Effects of Transactions Using T-Accounts and Interpreting the Current Ratio as a Manager of the CompanyZeber Company has been operating for one year (2011). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start
Preparing a Balance SheetRefer to E2-13.Required:From the ending balances in the T-accounts in E2-13, prepare a classified balance sheet at December 31, 2012, in good form.
Analyzing the Effects of Transactions Using T-Accounts, Preparing a Balance Sheet, and Evaluating the Current Ratio over Time as a Bank Loan Officer Strauderman Delivery Company, Inc., was organized in 2011 in Wisconsin. The following transactions occurred during year 2011:a. Received $40,000 cash
Explaining the Effects of Transactions on Balance Sheet Accounts Using T-AccountsWaltman Furniture Repair Service, a company with two stockholders, began operations on June 1, 2011. The following T-accounts indicate the activities for the month of June.Required:Explain events (a) through (d) that
Inferring Typical Investing and Financing Activities in AccountsThe following T-accounts indicate the effects of normal business transactions:Required:1. Describe the typical investing and financing transactions that affect each T-account. That is, what economic events occur to make each of these
Identifying Investing and Financing Activities Affecting Cash FlowsFoot Locker, Inc., is a large global retailer of athletic footwear and apparel selling directly to customers and through the Internet. It includes the Foot Locker family of stores, Champs Sports, and Eastbay. The following are
Preparing the Investing and Financing Sections of the Statement of Cash Flows Starwood Hotels & Resorts Worldwide, Inc., is one of the world’s largest hotel and leisure companies. It conducts business both directly and through its subsidiaries, including the following hotel brands: Sheraton,
Finding Financial Information as a Potential InvestorYou are considering investing the cash you inherited from your grandfather in various stocks. You have received the annual reports of several major companies.Required:For each of the following, indicate where you would locate the information in
Matching Definitions with TermsMatch each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).Term ______ (1) Separate-entity assumption ______ (2) Historical cost
Matching Definitions with TermsMatch each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms). Term (1) Journal entry (2) A = L + SE, and Debits = Credits(3) Assets =
Identifying Events as Accounting TransactionsFor each of the following events, which ones result in an exchange transaction for Dittman Company (Y for yes and N for no)?_____ (1) Dittman Company purchased a machine that it paid for by signing a note payable._____ (2) The founding owner, Megan
Classifying Accounts on a Balance SheetThe following are accounts of Rosa-Perez Company:(1) Accounts Payable (2) Accounts Receivable (3) Buildings (4) Cash (5) Contributed Capital (6) Land (7) Merchandise Inventory (8) Income Taxes Payable (9) Long-Term Investments(10) Notes Payable (due in three
Determining Financial Statement Effects of Several TransactionsFor each of the following transactions of Pitt Inc. for the month of January 2012, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.a. (Sample) Borrowed $20,000 from a local
Identifying Increase and Decrease Effects on Balance Sheet ElementsComplete the following table by entering either the word increases or decreases in eachcolumn.
Identifying Debit and Credit Effects on Balance Sheet ElementsComplete the following table by entering either the word debit or credit in eachcolumn.
Recording Simple TransactionsFor each transaction in M2-5 (including the sample), write the journal entry in the proper form.
Completing T-AccountsFor each transaction in M2-5 (including the sample), post the effects to the appropriate T-accounts and determine ending account balances. Beginning balances areprovided.
Preparing a Simple Classified Balance Sheet Starting with the beginning balances in M2-9 and given the transactions in M2-5 (including the sample), prepare a balance sheet for Pitt Inc. as of January 31, 2012, classified into current and noncurrent assets and liabilities.
Computing and Interpreting the Current RatioCalculate the current ratio for Sal€™s Pizza Company at the end of 2007 and 2008, based on the following data:What does the result suggest about the company over time? What can you say about Sal€™s Pizza Company€™s ratio when
Identifying Transactions as Investing or Financing Activities on the Statement of Cash FlowsFor the transactions in M2-5, identify each as an investing (I) activity or financing (F) activity on the statement of cash flows.
Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit BalancesExxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and petroleum products in the United States and around the world. The following are accounts from a recent
Determining Financial Statement Effects of Various TransactionsEast Hill Home Healthcare Services was organized on January 1, 2011, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of stock. To date, they are the only stockholders. At the end of
Recording Transactions in T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio Cougar Plastics Company has been operating for three years. At December 31, 2011, the accounting records reflected the following:Cash $19,000 Intangibles $ 3,000Investments (short-term)
Identifying Effects of Transactions on the Statement of Cash Flows Refer to P2-3.Required:Using the events (a) through (i) in P2-3, indicate whether each is an investing (I) or financing (F) activity for the year and the direction of the effect on cash flows (+ for increase and − for decrease).
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current RatioDell Inc., headquartered in Austin, Texas, is the global leader in selling computer products and services. The following is Dell's (simplified) balance sheet from a
Preparing the Investing and Financing Sections of a Statement of Cash FlowsRefer to P2-5.Required:Based on the activities for the year ended January 29, 2010, prepare the investing and financing sections of a statement of cash flows.
Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit BalancesAccording to a recent Form 10-K report of Mattel, Inc., the company €œdesigns, manufactures, and markets a broad variety of toy products worldwide.€ Mattel€™s brands include

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