New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
accounting principles 14th edition
Accounting Principles 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell - Solutions
The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.Adjustment data:1. Supplies on hand totaled $2,600.2. Depreciation is $11,500 on the equipment.3. Interest of $3,800 is accrued on notes payable at November 30.4.
On June 10, Diaz Company purchased $8,000 of merchandise on account from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Goods totaling $300 are returned to Taylor for credit on June 12. On June 19, Diaz pays Taylor Company in full, less the
At the beginning of the current season on April 1, the edger of Yolanda's Discorama showed Cash $1,800, Inventory $2,500, and Owner's Capital $4,300. The following transactions were completed during April 2022.Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co.
At the end of Donaldson Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance.Additional facts:1. Per a physical count, merchandise inventory on November 30, 2022, is $52,600.2. Note that Donaldson Department Store uses a periodic
The following transactions are for R. Humphrey Company.1. On December 3, R. Humphrey Company sold $570,000 of merchandise to Frazier Co., on account, terms 1/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $350,000.2. On December 8, Frazier
Presented below is selected information related to Hoerl Co. for the month of January 2022.a. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary closing entries. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out $
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000.Instructions.a. Prepare the sales section of the
Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the buyer and a debit to Freight-Out by the seller.
Tim Jarosz Company had the following account balances at year-end before adjustment: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115,000, Sales Discounts $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that
Presented below is selected information for Kaila Company for the month of March 2022.a. Prepare a multiple-step income statement.b. Compute the gross profit rate. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $215,000 7,000 6,000 58,000 Rent expense Sales
Explain the meaning of the credit terms 2/10, n/30.
Nelson Company provides the following information for the month ended October 31, 2022: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000. Prepare the sales section of a multiple-step income statement based on this information.
In its income statement for the year ended December 31, 2022, Anhad Company reported the following condensed data.a. Prepare a multiple-step income statement.b. Prepare a single-step income statement. Operating expenses Cost of goods sold Interest expense $
Explain where each of the following items would appear on a multiple-step income statement: gain on disposal of equipment, interest expense, casualty loss from vandalism, and cost of goods sold.
Financial information is presented here for two different companies.a. Fill in the missing amounts. Assume that there are no nonoperating activites.b. Calculate the gross profit rate for each company. (Round to one decimal place.) Sales revenue Sales returns and allowances Net sales Cost of goods
Celina Harris believes revenues from credit sales may be recorded before they are collected in cash. Explain why Celina is correct or incorrect.
The trial balance columns of the worksheet using a perpetual inventory system for Balistreri Company at June 30, 2022, are as follows.Other data:Utilities expense incurred on account, but not yet recorded, total $1,500.InstructionsEnter the trial balance on a worksheet and complete the worksheet.
Explain why the Inventory account will usually require adjustment at year-end for a merchandiser that uses the perpetual inventory system.
On January 1, 2022, Brooke Hanson Company had inventory of $50,000. At December 31, 2022, Brooke Hanson had the following account balances.At December 31, 2022, Brooke Hanson determines that its ending inventory is $60,000. Brooke Hansen uses the periodic inventory system.Instructionsa. Compute
Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000, Purchase Returns and Allowances $13,000, Purchase Discounts $9,000, and Freight-In $18,000. Assume also that Morgan Company has beginning inventory of $60,000, ending inventory of
The following are selected accounts for T. Swift Company as reported in the worksheet at the end of May 2022. Ending inventory is $75,000.Complete the worksheet by extending amounts reported in the adjustment trial balance to the appropriate columns in the worksheet. The company uses the periodic
The adjusted trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances
On December 1, 2022, Annalise Company had the account balances shown below.The following transactions occurred during December.Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,400 units of inventory on account for $0.90 per unit. (Annalise sold
What title does Apple use for gross profit? By how much did its 2019 gross profit change, and in what direction, when compared to 2018?
Identify the accounts that are added to or deducted from Purchases in a periodic system to determine the cost of goods purchased. For each account, indicate whether it is added or deducted.
On July 15, a company purchases on account goods costing $3,000 with credit terms of 2/ 10, n/ 30. On July 18, the company receives a $200 credit memo from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period, assuming a
Early in 2022, Yeng Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below.Determine the inventory turnover and days in inventory for 2021 and 2022. Discuss the changes in the amount of inventory, the
The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of Apple Inc. in Appendix A as well as its annual report. The complete annual report, including the
The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022, the accounting
Which of the following should not be included in the inventory of a company using IFRS?a. Goods held on consignment from another company. b. Goods shipped on consignment to another company
PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
Which method of inventory costing is prohibited under IFRS?a. Specific identificationb. LIFO.c. FIFO.d. Average-cost.
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the company's website.Instructions.Using the notes to the company's 2019 consolidated financial statements, answer
Vanida Company understated its 2021 ending inventory by $27,000. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022.
You are the controller of Small Toys Inc. Pamela Barnes, the president, recently mentioned to you that she found an error in the 2021 financial statements which she believes has corrected itself. She determined, in discussions with the Purchasing Department, that 2021 ending inventory was
The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.Units purchased consisted of 35,000 units at $5.10 on May 10; 35,000 units at $5.30 on August 15; and 30,000 units at
Leah Clement believes that the allocation of cost of goods available for sale should be based on the actual physical flow of the goods. Explain to Leah why this may be both impractical and inappropriate.
Larkin Company reports net income of $90,000 in 2022. However, ending inventory was understated $7,000. What is the correct net income for 2022? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2022?
In the unadjusted trial balance of its worksheet for the year ended December 31, 2022, Knox Company reported Equipment of $120,000. The year-end adjusting entries require an adjustment of $15,000 for depreciation expense for the equipment. After the adjusted trial balance is completed, what amount
The adjusted trial balance for Carter Bowling Alley at December 31, 2022, contains the following accounts.a. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2023.b. Comment on the liquidity of the company. Buildings Accounts Receivable Prepaid
Companies that use IFRS:a. May report all their assets on the statement of financial position at fair value.b. May offset assets against liabilities and show net assets and net liabilities on their statements of financial position, rather than he underlying detailed line items.c. May report
Amazon.com, lnc.'s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each company's respective
Explain the purpose of the worksheet.
In a worksheet, net income is entered in the following columns:a. Income statement (Dr.) and balance sheet (Dr.).b. Income statement (Cr.) and balance sheet (Dr.).c. Income statement (Dr.) and balance sheet (Cr.).d. Income statement (Cr.) and balance sheet (Cr.).
The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, are as follows.Instructions.a. Complete the worksheet by extending the balances to the financial statement columns.b. Prepare an income statement, owner's equity statement, and a classified balance sheet. C.
The trial balance columns of the worksheet for Dixon Company at June 30, 2022, are as follows.Instructionsa. Prepare the closing entries using page Jl5.b. Post to Owner's Capital and No. 350 Income Summary accounts. (Use the three-column form.)c. Prepare a post-closing trial balance at July 31.
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.InstructionsAnswer the questions below using Apple's Consolidated Balance Sheets.a. What were Apple's total current
The trial balance columns of the worksheet for Warren Roofing at March 31, 2022, are as follows.Other data 1. A physical count reveals only $480 of roofing supplies on hand.2. Depreciation for March is $250.3. Unearned revenue amounted to $260 at March 31.4. Accrued salaries are
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.Instructions.Using the information in the adjusted trial balance, do the following.a. Prepare an income
PepsiCo, Inc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and CocaCola, including the notes to the financial statements, are available at each company's respective
Current assets under IFRS are listed generally:a. By importance.b. In the reverse order of their expected conversion to cash.c. By longevity.d. Alphabetically.
The completed financial statement columns of the spreadsheet for Bray Company are shown as follows.Instructions.a. Prepare an income statement, an owner's equity statement, and a classified balance sheet.b. Prepare the closing entries. L. Bray did not make any additional investments during the
Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the
An account that will have a zero balance after closing entries have been journalized and posted is:a. Service Revenue.b. Supplies.c. Prepaid Insurance.d. Accumulated Depreciation-Equipment.
The following information is available for Sutter Bowling Alley at December 31, 2022.Prepare a classified statement of financial position. Assume that $13,900 of the notes payable will be paid in 2023. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance
Anya Clark opened Anya's Cleaning Service on July 1, 2022. During July, the following transactions were completed.July 1 Anya invested $20,000 cash in the business.1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account.3
When a net loss has occurred, Income Summary is:a. Debited and Owner's Capital is credited.b. Credited and Owner's Capital is debited.c. Debited and Owner's Drawings is credited.d. Credited and Owner's Drawings is debited.
Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2022, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Jenna obtained on July 1, 2022, a
The adjustments columns of the worksheet for Becker Company are shown below.Instructionsa. 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 be extended on the worksheet.
Horace Culpepper, CPA, was retained by Pulsar Cable to prepare financial statements for April 2022. Horace accumulated all the ledger balances per Pulsar's records and found the following.Horace Culpepper then reviewed the records and found the following errors.1. Cash received from a customer on
The closing process involves separate entries to close (1) expenses, (2) Owner's Drawings, (3) revenues, and (4) Income Summary. The correct sequencing of the entries is:a. (4), (3), (2), (1).b. (1), (2), (3), (4).c. (3), (1), (4), (2).d. (3), (2), (1), (4).
Which types of accounts will appear in the post-closing trial balance?a. Permanent (real) accounts.b. Temporary (nominal) accounts.c. Accounts shown in the income statement columns of a worksheet.d. None of these answer choices is correct.
The proper order of the following steps in the accounting cycle is:a. Prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries.b. Journalize transactions, prepare unadjusted trial balance, post to ledger accounts. journalize and post
The adjusted trial balance for Phoebe Company is presented Instructionsa. Prepare an income statemen t and an owner's equity statement for the year. Phoebe did not make any capital investments during the year.b. Prepare a classified balance sheet at July 31. Phoebe Company Adjusted Trial
Which of the following accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense, Owner's Drawings, Unearned Service Revenue, Accumulated Depreciation Equipment, and Service Revenue.
When Ramirez Company purchased supplies worth $5,000, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:a. Cash is overstated and Supplies is overstated.b. Cash is understated and Supplies is understated.c. Cash is understated and
Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed, the correcting entry is:a. Debit Service Revenue $100 and credit Accounts Receivable $100.b. Debit
The following are the major balance sheet classifications: Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Match each of the following accounts to its proper balance sheet classification. Accounts payable Accounts receivable Accumulated
Ap selected accounts for Tamora's Salon are presented here. All June 30 postings are from closing entries.Instructions.a. Prepare the closing entries that were made.b. Post the closing entries to Income Summary. Salaries and Wages Expense 6/10 3,200 6/28 5,600 Bal. 8,800 6/30 8,800 6/30 Supplies
Blair Natt Company discovered the following errors made in January 2022.1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.2. A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service Revenue $150.3.
Identify, in the sequence in which they are prepared, the three trial balances that are used in the accounting cycles.
These financial statement items are for Basten Company atyear-end, July 31, 2022.a. Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.b. Prepare a classified balance sheet at July 31. Salaries and wages
The following are the major balance sheet classifications.InstructionsClassify each of the following accounts taken from Faust Company's balance sheet. Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Current liabilities (CL) Long-term
The following items were taken from the financial statements of P. Jimenez Company. (All amounts are in thousands.)Instructions.Prepare a classified balance sheet in good form as of December 31, 2022. Long-term debt Prepaid insurance Equipment Stock investments (long-term) Debt investments
Define current assets. What basis is used for arranging individual items within the current assets section of the balance sheet?
Using Apple's annual report, determine its current liabilities at September 29, 2018, and September 28, 2019. Were current liabilities higher or lower than current assets in these two years?
A review of the ledger of Gina Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,340. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was
Fiske Computer Services began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.1. At July 31, the company owed employees $1,300 in salaries that the company will pay in August.2. On July 1, the
The following is the basic accounting equation. Determine the missing amounts. Assets a. $90,000 b. ? c. $94,000 Liabilities $50,000 $44,000 ? + Owner's Equity ? $70,000 $53,000
Identify and describe the activities in the accounting process.
"Bookkeeping and accounting are the same." Explain why this statement is true or false.
Benton Travel Agency purchased land for $90,000 cash on December 10, 2022. At December 31, 2022, the land's value has increased to $92,000. What amount should be reported for land on Benton's balance sheet at December 31, 2022? Explain.
The basic accounting equation is Assets = Liabilities + Owner's equity. Replacing the words in that equation with dollar amounts, what is Apple's accounting equation at September 28, 2019?
In February 2022, Ola Gott invested an additional $12,000 in her business, Gott's Pharmacy, which is organized as a proprietorship. Gott's accountant, Sal Costa, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate? Why or why not?
Why do accrual-basis financial statements provide more useful information than cash-basis statements?
"Adjusting entries are required by the historical cost principle of accounting." Explain why this statement is true or false.
Showing 500 - 600
of 586
1
2
3
4
5
6
Step by Step Answers
Get 50% OFF
Claim Now
