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Accounting Information For Business Decisions 2nd Edition Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons - Solutions
On the cash budget, why is the beginning cash balance for July the same as the beginning cash balance for the first quarter of the year? Why is the September ending cash balance the same as the first quarter's ending cash balance? How do you determine the first quarter's cash receipts from sales?
How is the cash budget similar to a cash flow statement? How are they different from each other?
Why is the cash budget not the same as the projected income statement? What items included on the projected income statement are not included on the cash budget?
In evaluating a business' performance, why do managers or owners need to learn the causes of differences between actual and budgeted amounts?
Jaime's Hat Shop sells hats with school logos on them; the hats sell for \(\$ 22\) each. This year, Jaime's expects to sell 350 hats in August, 300 in September, 400 in October, 800 in November, 1040 in December and 750 in January. On average, 25 per cent of customers purchase on credit. Jaime's
Robert and Gwen are partners in a new superannuation search business called Super Lost and Found. Super Lost and Found, which begins operations in December, finds lost accounts from superannuation companies where the super fund no longer knows the current contact details of the holder/(s) of the
Maid Company sells a single product for \(\$ 12\) per unit. Sales estimates (in units) for the last four months of the year are as follows:Ninety per cent of Maid's sales are credit sales, and it expects to collect each account receivable 15 days after the related sale. Assume that all months have
The sales budget for Merita Medallion Company shows budgeted sales (in medallions) for December and the first four months of next year:Required:Prepare a budget for the number of medallions Merita needs to purchase in the first three months of next year for each of the following two independent
The sales budget for Astra Awards Company shows budgeted sales (in awards) for December and the first four months of next year:Required:Prepare a budget for the number of awards Astra needs to purchase in the first three months of next year for each of the following two independent situations:a The
Total Pet Shop sells pet food in 20-kilogram bags for \(\$ 20\) per bag, which it buys from its supplier for \(\$ 12\) per bag. Total estimates that its sales of bags of pet food for the second quarter of the year will be as follows:Total's policy is to have bags of pet food on hand at the end of
Fred's Electronics Machines estimates its monthly selling expenses as follows:Assume that Fred pays selling expenses in the month after they are incurred. Based on current plans of Fred's sales department, monthly sales estimates are as follows: March - 80 units, April - 90 units, May - 100 units
Well Feed Company sells pet food in 10 -kilogram bags for \(\$ 12.40\) per bag. Sales estimates for the first three months of the year are as follows:December sales were 16000 bags of pet food. Well Feed's desired ending inventory of pet food each month is 25 per cent of the next month's sales
Suppose you are a banker, and the controller of a small business asks you for a short-term \(\$ 10000\) loan due in 120 days. Interest on the loan would be 12 per cent, due when the loan is paid back. To support his request, he gives you the following information from his business' cash budget for
Jimmy, Matt and Andy are business partners who own Jimmy Matt Andy's Beach Wear. Jimmy Matt Andy's arrangement with all of its clothing suppliers allows it to pay for its merchandise purchases one month after the purchases have been made. About 15 per cent of their customers make purchases on
Assume that a business collects two-thirds of its sales revenue in the month of sale and the remaining one-third in the following month.Required:a How much revenue has the business actually earned in the month of the sale?b Should the business record revenue on the income statement in the month
The airline industry is very competitive - management is under constant pressure to improve business profits. Ideas that could improve profits include the following:a increasing the price of tickets b reducing the number of flight attendants c reducing the number of flights on which meals are
Bill Morgan is the manager of the sales department of Rise \& Shine Company, which sells deluxe bread makers. At the beginning of each month, Bill estimates the total cost of operating the department for the month. At the end of the month he compares the total estimated costs to the total actual
Steve and Tammy are thinking of opening a fitness centre with facilities for aerobics, weight training, jogging and lap swimming, as well as diet and injury consultation. They plan to buy land and build their facility near the new shopping centre. They want to employ a director, an assistant
Joe Collagen is the CEO of a small retail business that sells a skin-smoothing lotion and has been operating for several years. He keeps meticulous records of his actual operating activities, including monthly sales, purchases and operating expenses, as well as the related cash receipts and
Why do external users need financial accounting information about a business? How can financial statements help these external users?
Why is it important for external users to know that a business' financial statements are prepared according to GAAP?
Name and briefly define five concepts and terms that you need to understand to identify the activities that a business' accounting system records.
What is the entity concept? How does it affect the accounting for a specific business?
What is a 'going concern' and why is it important in accounting?
What is a source document? Why does a business need to prepare source documents?
What are the monetary unit and historical cost concepts? How do they affect the recording of transactions?
Define assets. Give four examples.
Define liabilities. Give two examples.
Define owner's equity. What items affect owner's equity?
Why is a business' statement of financial position called a balance sheet?
What are a business' net assets? How do they relate to owner's equity?
What is meant by the dual effect of transactions? How does it relate to the accounting equation?
How is the accounting equation used to set up a basic accounting system for a business?
What is an account? What is an account balance?
Define revenues, expenses and net income. How is the accounting equation expanded to record income-related transactions?
Name and briefly define four principles and concepts relating to net income.
What is an accounting period? What is the usual length of an accounting period?
What is a business' earning process, and when does the business record revenues?
What is the matching principle? Why is it useful to a business?
What is accrual accounting, and why is it important?
Each of the following cases is independent of the others.Required:Determine the amounts for A, B and C. Case 1 2 3 Assets A $ 95 000 $102 000 Liabilities $30 000 B $44 000 Owner's equity $62 000 $54 000 C
Why are adjustment entries needed at the end of the period? Give four examples of adjustments that might be necessary.
At the beginning of the year, Thomas Lighting had total assets of \(\$ 78000\) and total liabilities of \(\$ 22000\). During the year, the total assets increased by \(\$ 16000\). At the end of the year, owner's equity totalled \(\$ 64000\).Required:Determine:a the owner's equity at the beginning of
At the end of the year, a business' total assets are \(\$ 43000\) and its total owner's equity is \(\$ 22000\).During the year, the business' liabilities decreased by \(\$ 8000\) while its assets increased by \(\$ 4000\).Required:Determine the business':a ending total liabilities b beginning total
The following transactions are taken from the records of Phantom Security Company:a Rex Simpson, the owner, invested \(\$ 12000\) cash in the business.b Phantom paid \(\$ 6000\) cash to acquire security equipment.c Phantom received a \(\$ 7000\) cash loan from Story Regional Bank.Required:Determine
On 31 August 20X2, the Hernandez Engineering Company's accounting records contained the following items (listed in alphabetical order):Required:Prepare a balance sheet for the Hernandez Engineering Company at 31 August 20X2. Insert the correct amount for L. Hernandez, capital. Accounts payable
Listed below, in random order, are all the items included in the Ridge Rental Company balance sheet at 31 December 20X1:Total assets on 31 December 20X1 are \(\$ 33800\).Required:Prepare a balance sheet for the Ridge Rental Company on 31 December 20X1. Insert the correct amounts for Cash and for A.
We stated that a transaction is an exchange of property or service by a business with another entity. We also explained that in the recording of a transaction at least two changes must be made in the assets, liabilities or owner's equity of a business.Required:In each case, describe a transaction
We defined a source document as a business record used as evidence that a transaction has occurred.Required:Name the source documents you think a business would use as evidence for each of the transactions listed below:a Receipt of cash from the owner for additional investment in the business b
During October, the Wilson Company incurred the following costs:a At the beginning of the month, the company paid \(\$ 1200\) to an insurance agency for a twoyear comprehensive insurance policy on the company's building.b The company purchased office supplies costing \(\$ 970\) on credit from
The Slidell Auto Supply Company entered into the following transactions during the month of July:Required:Using the basic accounting equation that we introduced in this chapter, record the preceding transactions. Use headings for the specific kinds of assets, liabilities, and owner's equity. Set up
Gertz Rent-A-Car is in the business of providing customers with quality rental cars at low rates. The business engaged in the following transactions during March:a J. Gertz deposited an additional \(\$ 1900\) of his personal cash into the cash account.b It collected \(\$ 1500\) in car rental fees
Amy Dixon opened the Dixon Travel Agency in January, and the company entered into the following transactions during January:a On 2 January Amy deposited \(\$ 23000\) in the cash account.b To conduct its operations, the business purchased land for \(\$ 3300\) (including GST of \$300) and a small
Parsons Fashion Designers was started on 1 June. The following transactions of the business occurred during June:a E. Parsons started the business by investing \(\$ 18000\) cash.b Land and an office building were acquired at a cost of \(\$ 5500\) (including GST \$500) and \(\$ 19800\) (including
The Johnson Drafting Company was started on 1 March to draw blueprints for building contractors. The following transactions of the company occurred during March:Required:i Using the accounting system shown in the chapter, record the preceding transactions.ii Prove the equality of the accounting
L. Snider, a young accountant, started Snider Accounting Services on 1 September. During September, the following transactions of the business took place. Note: where appropriate, GST is included in the amount.a On 1 September Snider invested \(\$ 7000\) to start the business.b On l September the
The five transactions that occurred during June, the first month of operations for Brown's Gym, were recorded as follows (excluding GST implications):Required:a Describe the five transactions that took place during June.b Prepare a balance sheet on 30 June. Trans a b C e Balances Date 01/6 05/6
The following transactions were recorded by the Sutton Systems Design Company for May, its first month of operations (excluding GST implications):Required:a Describe the five transactions that took place during May.b Prepare a balance sheet at 31 May. Trans a C e Balances Date 01/5 02/5 08/5 10/5
At the beginning of July, Patti Dwyer established PD Company, investing \(\$ 20000\) cash in the business. On 5 July the company purchased land and a building, making a \(\$ 6000\) down payment(which was 10 per cent of the purchase price) and signing a 10-year mortgage for the balance owed. The
Your friend Maxine plans to supplement her job salary by running her own company at night and on the weekends. When the company earns enough money so that she can pay for a holiday house in Fiji, she plans to pay the company's bills, sell its remaining assets, withdraw all its cash and shut it
Andrew Poist works for a public accounting firm in Melbourne, Australia. On 4 October 20XI Sydney Langston, who started selling decorative, carved, wooden ducks out of a booth at Cypress Court shopping centre during the first week in September, comes to see Andrew for some accounting help.Mr
Chris Schandling is a loan officer at the Nation Bank in Brisbane, Australia. One day Nathan Wooten, who owns KidzLand (an indoor playground for young children), comes to the bank to see Chris about getting a \(\$ 50000\) loan.Required:a What types of questions do you think Chris will ask Mr
In this assignment, we are going to chronicle the changes in value and ownership of one asset - a one-hectare plot of land on the corner of Cedar Springs Road and McKinney Avenue in Tamborine Mountain, Gold Coast - from January 20Xl through December 20X1. Here are the significant events that
Five years ago, Linda Monroe became the sole owner of LM Electronics. LM Electronics sells home entertainment centres, car audio equipment and computers. LM advertises that it sells only the best brands, purchasing its inventory from well-known manufacturers in Japan, Germany, Norway and the United
Paul Jenkins is the sole owner of Friendly Exchange Shop. Friendly Exchange Shop buys and sells jewellery, musical instruments, televisions, telephones and small kitchen appliances. Paul has owned the shop for almost one year, and the shop has developed a reputation as an honest, reliable place for
Your friend Jane Thomson is about to prepare the 31 January balance sheet for her new business, Tasty Bites cupcake shop. This is Tasty Bites' first month of operation, and Jane is also going to calculate the first month's net income. She needs to prepare the balance sheet and calculate net income
Samson Construction Company is a small business that constructs buildings. Usually the time for Samson to complete the construction of a building is about six months. At the beginning of this year, Samson signed a contract to build a three-storey office building at a selling price of \(\$
Define an account. What are the parts of a T-account?
What is a debit entry? What is a credit entry?
What are the debit and credit rules? How do these rules relate to the accounting equation?
Explain the double entry rule. How (if at all) does this rule change in the case of a compound entry?
What is a general journal (in a manual accounting system)? List the advantages of initially recording a business' transactions in a general journal.
What is journalising? Briefly describe the journalising process.
What is posting? Briefly describe the posting process. Where are entries posted to?
What are adjusting entries? Why are they necessary?
What is an adjusted trial balance? Why is it used?
What are closing entries? Describe how(a) revenue accounts,(b) expense accounts and(c) the withdrawals account are closed.
How does the lower portion of the income statement for a company differ from that of a sole proprietorship? Where does a company report its income taxes payable on its financial statements?
During the month of July, Sands Insurance entered into the following transactions:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used in recording each of these transactions. Date 1 July 10 25 Transaction Nancy Sands deposited a $30 000
How is the owner's equity of a company shown on its balance sheet?
Albert Mitchell started Worldwide Travel Service on 1 April of the current year, and the business engaged in the following transactions during April:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used in recording each of these
Bothwell Plumbing entered into the following transactions during the month of May:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to record these transactions. Date 4 May 15 28 31 31 Transaction Installed plumbing in new house under
Aline Taxi Service entered into the following transactions during September:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to record these transactions. Date 1 Sept. 15 23 29 30 30 Transaction Paid $550 rent on garage for the month
Nomura Sales, a medical supplies wholesaler, entered into the following transactions (the business uses the perpetual inventory system):Required:Prepare journal entries to record the preceding transactions. Date 1 Aug. 3 5 8 9 10 15 30 Transaction Purchased $5500 of medical supplies on credit from
Taylor Art Supplies Company sells various art supplies to local artists. The business uses a perpetual inventory system, and the cost of its inventory of art supplies at the beginning of August was \(\$ 2500\). Its cash balance was \(\$ 800\) at the beginning of August, and it entered into the
On June 30 of the current year, Washington Background Music Company showed the following trial balance:The following adjustments are needed (Note: ignore GST):i Office supplies used during the month of June totalled \(\$ 62\).ii Depreciation expense for the month of June on the sound system
At the end of the current year, Rulem Hair Styling provides you with the following information (Note: ignore GST):a Depreciation expense on styling equipment totals \(\$ 1360\) for the current year.b Accrued interest on a note payable issued on 1 October amounts to \(\$ 850\) at year-end.c Unearned
On 1 October of the current year, Bourdon Company paid \$396 for a two-year comprehensive insurance policy on the business' building.Required:a Prepare the journal entry to record each of the following:i The purchase of this insurance policy ii The adjusting entry at the end of the year (31
On 1 October of the current year, Sagir Appraisal Company received \(\$ 1980\) in advance from the Land-Ho Real Estate Agency for six months' rent of office space.Required:a Prepare the Sagir Appraisal Company journal entries to record the following:i The receipt of the payment ii The adjustment
The Cobbler Company shows the following revenue, expense and withdrawals account balances on 31 December of the current year, before closing:Required:Prepare closing entries. Account titles A. B. Cobbler, withdrawals Shoe service revenues Salaries expense Utilities expense Supplies expense Rent
The following are various accounts related to the income statement and owner's equity of Lynn Company (a sole proprietorship) for the current year.Required:From the information given, prepare the 31 December closing entries. P. Lynn, withdrawals Salaries expense Delivery expense Utilities expense
How would you describe a private enterprise?
What distinguishes a service business from a merchandising or manufacturing business?
How is a merchandising business different from a manufacturing business? How are the two types of business the same?
Suppose you were an entrepreneur. Where might you go for business capital?
Describe the factors affecting the business environment and the impact of each of these factors.
What distinguishes a sole proprietorship from a company and a partnership?
What types of regulations must businesses comply with in different jurisdictions?
Given what you have learned from this chapter, how would you define accounting?
How would you describe the similarities and differences between management accounting and financial accounting? Why are they different, and why are they similar?
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