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accounting principles
Accounting Principles 8th Edition Jerry J Weygandt, Donald E Kieso, Paul D Kimmel - Solutions
During the summer, Willard Kelly does a variety of small jobs for many different people in the community to earn money. Mr. Kelly keeps all his money in a single checking account. He writes checks to pay for personal items and for business expenses. These payments include personal clothing, school
In her business, Monica Zapata uses a journal with the following columns: Date, Account Title, Check No., Cash Debit, and Cash Credit. Ms. Zapata's husband, Rodrigo, suggests that she needs three additional amount columns: General Debit, General Credit, and Sales Credit. Ms. Zapata states that all
Which journal columns are used to record paying cash for insurance?
Which journal columns are used to record buying supplies on account?
Which journal columns are used to record paying cash on account?
What two accounts are affected when a business pays cash for supplies?
What two accounts are affected when a business receives cash from sales?
What two accounts are affected when services are sold on account?
What two accounts are affected when a business pays cash to the owner for personal use?
Are revenue accounts increased on the debit side or credit side? Explain why.
Are expense accounts increased on the debit side or credit side? Explain why
Write the answers for the following problem in the Working Papers.Instructions: Do the following for each account. The cash account is given as an example. 1. Write the account title in Column 1. 2. Write the account classification in Column 2. 3. Place a check mark in either Column 3 or 4 to
Hal Rosen owns Hal's Marketing Services, which uses the following accounts. Cash Supplies Prepaid Insurance Accounts Receivable-Dominik Field Accounts Payable All Star Company Hal Rosen, Capital Hal Rosen, Drawing Sales Advertising Expense Rent Expense
Use the chart of accounts for Hal’s Marketing Services given in Application Problem 2-2.Instructions: 1. Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction. Use the forms in your Working Papers. 2. Write the
Use the chart of accounts for Hal’s Marketing Services given in Application Problem 2-2.Instructions: 1. Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction. Use the forms in your Working Papers. 2. Write the
Adriana Janek owns a business for which the following T accounts show the current financial situation. Write the answers for the following problem in the Working Papers.Instructions:1. Analyze each numbered transaction in the T accounts. Write the titles of accounts affected in Column 2. For each
Thomas Bueler records all investments, revenue, expenses, and withdrawals in his capital account. At the end of each month, Mr. Bueler sorts the information to prepare a summary of what has caused the changes in his capital account balance. To help Mr. Bueler prepare this summary in the future,
For each line, fill in the missing amount to complete the accounting equation. Use the form in your Working Papers to complete this problem. Assets Liabilities Owner's Equity 95,000 51,000 ? ? 44,000 20,000 4,000 ? 2,500 138,000 70,000 ? 19,000 ? 11,000 ? 4,000 12,000 35,000 13,000 ? ? 120,000
Peter Smith operates a service business called Peter’s Service Company. Peter’s Service Company uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem.Transactions: 1. Paid cash for rent, $300.00. 2. Paid cash to owner for
Marion Cassidy operates a service business called Cassidy Company. Cassidy Company uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem.Transactions: 1. Paid cash for rent. $400.00. 2. Received cash from owner as an investment,
Zachary Martin owns Zachary’s Repair Shop. On February 1, Zachary’s Repair Shop’s accounting equation indicated the following account balances. Use the form in your Working Papers to complete this problem.Transactions: 1. Took $400.00 of supplies for personal use. 2. Had equipment repaired
Akira Shinoda starts a new business. Mr. Shinoda uses his personal car in the business with the expectation that latetrh eb usiness can buy a car. All expenses for operating the car, including license plates, gasoline, oil, tune-ups, and new tires, are paid for out of business funds. Is this an
At the end of the first day of business, Quick Clean Laundry has the-assets and liabilities shown below.The owner, Anh Vu, wants to know the amount of her equity in Quick Clean Laundry. Determine this amount and explain what this amount represents. Assets Cash $3,500.00 Liabilities A/P-Smith Office
Presented below are the purchases and cash oe journals for Reyes Co. for its first month of operations.In addition, the following transactions have not been journalized for July. The cost of all merchandise sold was 65% of the sales price.Instructions(a) Open the following accounts in the general
The post-closing trial balance for Cortez Co. is as follows.The subsidiary ledgers contain the following information: (1) accounts receivable— J. Anders \($2,500,\) E Cone \($7,500,\) T. Dudley \($5,000;\) (2) accounts payable—J. Feeney \($10,000,\) D. Goodman \($18,000,\) and K. Inwood
Presented below are the sales and cash receipts journals for Wyrick Co. for its first month of operations.In addition, the following transactions have not been journalized for February 2008.Instructions(a) Open the following accounts in the general ledger.(b) Journalize the transactions that have
Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts lon payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger Rn, ota for Bluma are indicated in the working papers. Presented below are a series of transactions for
Packard Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances.Instructions (a) Record the January transactions in the appropriate journal-sales, purchases,
The management of Morales Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. They request your help in determining the results of operations for 2008 if either the FIFO method or the LIFO method had been used. For 2008, the accounting
You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory.Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following
The management of Utley Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008 the accounting records show these data.Units purchased consisted of 35,000 units at \($4.00\) on May 10; 60,000 units at \($4.20\) on August 15; and 25,000
Vasquez Ltd. is a retailer operating in Edmonton, Alberta. Vasquez uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inven- tory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash.
Saffordville Company lost 70% of its inventory in a fire on March 25, 2008. The accounting records showed the following gross profit data for February and March.Saffordville Company is fully insured for fire losses but must prepare a report for the insurance company.Instructions(a) Compute the
Neer Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2008.At December 31, Neer Department Store takes a physical inventory at retail. The actual retail values of the
Slaymakker Country Limited is trying to determine the value of its ending inventory as of February 28, 2008, the company’s year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not.(a) On February 26, Slaymakker shipped
Carrington Distribution markets CDs of the performing artist Christina Spears. At the beginning of October, Carrington had in beginning inventory 1,000 Spears CDs with a unit cost of $5. During October Carrington made the following purchases of Spears CDs.During October 9,500 units were sold.
Shellankamp Company had a beginning inventory on January 1 of 100 units of Product WD-44 at a cost of $21 per unit. During the year, the following purchases were made.800 units were sold. Shellankamp Company uses a periodic inventory system.Instructions(a) Determine the cost of goods available for
The management of Groneman 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 2008 if either the FIFO or the LIFO method had been used. For 2008 the accounting
You are provided with the following information for Charlote Inc. for the month ended June 30, 2008. Charlote uses the periodic method for inventory.Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following
You are provided with the following information for Rondelli Inc. Rondelli Inc. uses the periodic method of accounting for its inventory transactions.Instructions(a) Prepare partial income statements through gross profit, and calculate the value of ending inventory that would be reported on the
The management of Dains Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008, the accounting records show the following data.Units purchased consisted of 40,000 units at \($4.20\) on May 10; 50,000 units at \($4.40\) on August 15;and
Fechter Inc. is a retailer operating in Dartmouth, Nova Scotia. Fechter uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash.
Falco Co. began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.Instructions(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) average-cost, and (3) LIFO.(b) Which costing method
Hannigan Company lost all of its inventory in a fire on December 26, 2008. The accounting records showed the following gross profit data for November and December.Hannigan is fully insured for fire losses but must prepare a report for the insurance company.Instructions(a) Compute the gross profit
Frontenac Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2008.At December 31, Frontenac Books takes a physical inventory at retail. The actual retail values of the inventories in
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 PepsiCo and the Notes to Consolidated Financial Statements in Appendix A.Instructions Answer the
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B. Instructions(a) Based on the information contained in these financial statements, compute the following 2005 ratios for each company. (1) Inventory turnover ratio (2) Days in
On April 10,2008, fire damaged the office and warehouse of Inwood Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2008: Merchandise Inventory, January 1, 2008, \($80,000;\) Sales (January 1—March 31, 2008), \($180,000;\)
You are the controller of Small Toys Inc. Janice LeMay, the president, recently mentioned to you that she found an error in the 2007 financial statements which she believes has corrected itself. She determined, in discussions with the Purchasing Department, that 2007 ending inventory was overstated
Which of the following is not an advantage of computerized accounting systems?a. Data is entered only once in computerized accounting systems.b. Computerized accounting systems provide up-to-date information.c. Computerized accounting systems eliminate entering of transaction information.d.
A sales journal will be used for: Credit Cash Sales Sales Sales Discounts a. no yes yes b. yes no yes c. yes no d. yes yes no
If a customer returns goods for credit, the selling company normally makes an entry in the:a. cash payments journal.b. sales journal.c. general journal.d. cash receipts journal.
On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was \($10,960.\) The customers’ subsidiary ledger contained account balances as follows: Ruiz \($1,440,\) Kingston \($2,640,\) Bannister \($2,060,\) Crampton \($4,820.\) At the end of
Yu Suzuki Company has a balance in its Accounts Receivable control account of \($11,000\) on January 1, 2008. The subsidiary ledger contains three accounts: Smith Company, balance \($4,000;\) Green Company, balance \($2,500;\) and Koyan Company. During January, the following receivable-related
Nobo Uematsu Company has a balance in its Accounts Payable control account of \($8,250\) on January 1, 2008. The subsidiary ledger contains three accounts: Jones Company, balance \($3,000;\) Brown Company, balance \($1,875;\) and Aatski Company. During January, the following receivable-related
Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2008.Instructions(a) Prepare a sales journal (see Illustration 7-7) and a single-column purchase journal (see Illustration 7-13).(b) Record the transaction(s) for September that should
Pherigo Co. uses special journals and a general journal. The following transactions oc- curred during May 2008. Instructions(a) Prepare a multiple-column cash receipts journal (see Illustration 7-9) and a multiple- column cash payments journal (see Illustration 7-16). (Use page 1 for each
Selected account balances for Matisyahu Company at January 1, 2008, are presented below.Matisyahu’s sales journal for January shows a total of \($100,000\) in the selling price column, and its one-column purchases journal for January shows a total of \($72,000.The\) column totals in Matisyahu’s
Sorvino Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Sorvino’s inventory consisted of 240 books purchased at \($1,200.\) During the month of June the following merchandising transactions
Newson Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Newson showed Cash of $10,000 and John Newson, Capital of $10,000.Newson Hardware’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts
Huffman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2008, the following accounts appeared in two of its trial balances.Analysis reveals
Mike Palmer, a former professional golf star, operates Mike's Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Mike's Pro Shop showed Cash $2,500, Merchandise Inventory $3,500, and M. Palmer, Capital $6,000. The following trans- actions were completed
At the end of Duckwall Department Store’s fiscal year on November 30, 2008, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on November 30, 2008, is \($36,200.\)2. Note that Duckwall Department Store uses a periodic system.Instructions Prepare an
Howit Inc. operates a retail operation that purchases and sells snowmobiles, amongst other outdoor products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current
At the beginning of the current season on April 1, the ledger of Four Oaks Pro Shop showed Cash \($2,500;\) Merchandise Inventory \($3,500;\) and Phil Mickel, Capital \($6,000.\) These trans- actions occured during April 2008.The chart of accounts for the pro shop includes Cash; Accounts
The financial statements of PepsiCo are presented in Appendix A at the end of this textbook.Instructions Answer the following questions using the Consolidated Statement of Income.(a) What was the percentage change in (1) sales and in (2) net income from 2003 to 2004 and from 2004 to 2005?(b) What
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B. Instructions(a) Based on the information contained in these financial statements, determine each of the following for each company. (1) Gross profit for 2005. (2) Gross profit
Three years ago, Carrie Dungy and her brother-in-law Luke Barber opened FedCo Department Store. For the first two years, business was good, but the following condensed income results for 2007 were disappointing.Carrie believes the problem lies in the relatively low gross profit rate (gross profit
Mintz Company discovers in 2008 that its ending inventory at December 31, 2007, was \($7,000\) understated. What effect will this error have on(a) 2007 net income,(b) 2008 net in- come, (c) the combined net income for the 2 years?
Cody Company reports net income of \($90,000\) in 2008. However, ending inventory was understated \($10,000.\) What is the correct net income for 2008? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2008?
At December 31, 2008, the following information was available for J. Graff Company: ending inventory \($40,000,\) beginning inventory \($60,000,\) cost of goods sold \($270,000,\) and sales revenue \($380,000.\) Calculate inventory turnover and days in inventory for J. Graff Company.
Lebo Hardware reported cost of goods sold as follows.Lebo made two errors: (1) 2008 ending inventory was overstated $3,000, and (2) 2009 ending inventory was understated $6,000.Instructions Compute the correct cost of goods sold for each year. 2008 Beginning inventory $ 20,000 2009 $ 30,000 Cost
Staley Watch Company reported the following income statement data for a 2-year period.Staley uses a periodic inventory system. The inventories at January 1, 2008, and December 31, 2009, are correct. However, the ending inventory at December 31, 2008, was overstated \($5,000. \)Instructions(a)
This information is available for Santo's Photo Corporation for 2007, 2008, and 2009.Instructions Calculate inventory turnover, days in inventory, and gross profit rate for Santo's Photo Corporation for 2007, 2008, 2009. Comment on any trends. Beginning inventory Ending inventory Cost of goods
Doc Gibbs Company reported the following information for November and December 2008.Doc Gibbs’s ending inventory at December 31 was destroyed in a fire.Instructions(a) Compute the gross profit rate for November.(b) Using the gross profit rate for November, determine the estimated cost of
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of \($9,000\) and M. Olaf, Capital of $9,000.Olaf Company’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts
Maine Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 2008, the following accounts appeared in two of its trial balances.Analysis reveals the following additional data. 1. Insurance expense and utilities expense are 60% selling
J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash \($2,500\), Merchandise Inventory \($1,700\), and J. Hafner, Capital \($4,200\). The following transac- tions
At the end of Gordman Department Store’s fiscal year on December 31, 2008, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on December 31, 2008, is \($75,000.\)2. Note that Gordman Department Store uses a periodic system.Instructions Prepare an
Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash \($2,500;\) Merchandise Inventory \($1,700;\) and Angie Wilbert, Capital \($4,200\). The following transactions were completed during April.The chart of accounts for the tennis shop includes Cash; Accounts
The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.Adjustment data:1. Store supplies on hand totaled \($2,500.\)2. Depreciation is \($9,000\) on the store equipment and \($5,000\) on the delivery equipment.3.
Distinguish between the types of functional groupings of operating expenses. What problem is created by these groupings?
Maulder Company provides the following information for the month ended October 31, 2008: Sales on credit \($280,000\), cash sales \($100,000\), sales discounts \($13,000\), sales returns and allowances \($11,000\). Prepare the sales revenues section of the income statement based on this information.
The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2008: Sales \($800,000\), Freight-out \($16,000\), Sales Returns and Allowances \($25,000\), and Sales Discounts \($15,000\). Instructions(a) Prepare the sales
Presented is information related to Rogers Co. for the month of January 2008.Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closing entries. Ending inventory per perpetual records Ending inventory actually on hand Salary expense $ 61,000 $ 21,600 Sales
In its income statement for the year ended December 31, 2008, Pele Company reported the following condensed data.Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step income statement. Administrative expenses Cost of goods sold Interest expense Interest revenue $
In 2008, Walter Payton Company had net sales of \($900,000\) and cost of goods sold of \($540,000\). Operating expenses were \($230,000\), and interest expense was \($11,000\). Payton prepares a multiple-step income statement.Instructions(a) Compute Payton’s gross profit.(b) Compute the gross
The trial balance of G. Durler Company at the end of its fiscal year, August 31, 2008, includes these accounts: Merchandise Inventory \($17,200;\) Purchases \($149,000;\) Sales \($190,000;\) Freight-in \($4,000;\) Sales Returns and Allowances \($3,000;\) Freight-out \($1,000;\) and Purchase Returns
On January 1, 2008, Rachael Ray Corporation had merchandise inventory of $50,000.At December 31, 2008, Rachael Ray had the following account balances.At December 31, 2008, Rachael Ray determines that its ending inventory is $60,000.Instructions(a) Compute Rachael Ray’s 2008 gross profit.(b)
Presented below are selected accounts for Carpenter Company as reported in the worksheet at the end of May 2008.Instructions Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the work sheet. Do not total individual columns. Accounts
The trial balance columns of the worksheet for Green Company at June 30, 2008, are as follows.Other data: Operating expenses incurred on account which have not yet been recorded total \($1,500.\)Instructions Enter the trial balance on a worksheet and complete the worksheet. Account Titles Cash
The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, 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 \($280.\)Instructions Enter the trial
Emil Skoda Company had the following adjusted trial balance.Instructions(a) Prepare closing entries at June 30, 2008.(b) Prepare a post-closing trial balance. EMIL SKODA COMPANY Adjusted Trial Balance 1 for the Month Ended June 30, 2008 Adjusted Trial Balance Account Titles Debits Credits Cash
Apachi Company ended its fiscal year on July 31, 2008. The company’s adjusted trial balance as of the end of its fiscal year is as shown.Instructions(a) Prepare the closing entries using page J15.(b) Post to B. J. Apachi, Capital and No. 350 Income Summary accounts. (Use the three-column
Max Weinberg Company discovered the following errors made in January 2008.1. A payment of Salaries Expense of \($600\) was debited to Equipment and credited to Cash, both for \($600.\)2. A collection of \($1,000\) from a client on account was debited to Cash \($100\) and credited to Service Revenue
The adjusted trial balance for Karr Bowling Alley at December 31, 2008, contains the following accounts.Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable will be paid(b) in 2009. Comment on the liquidity of the company. Debits Credits Building $128,800 Sue
The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.)Instructions Prepare a classified balance sheet in good form as of December 31, 2008. Long-term debt $943 880 Accumulated depreciation 5,655 Accounts payable 1,444 Notes payable after
These financial statement items are for B. Snyder Company at year-end, July 31, 2008.Instructions(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
Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.Other data: 1. Supplies on hand total \($380. \)2. Depreciation is \($1,000\) per quarter. 3. Interest accrued on 6-month note
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