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accounting principles

Accounting Principles 8th Edition Jerry J Weygandt, Donald E Kieso, Paul D Kimmel - Solutions

The adjusted trial balance columns of the worksheet for Porter Company 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. \($10,000\) of the
The completed financial statement columns of the worksheet for Woods Company are shown below.Instructions(a) Prepare an income statement, owner's equity statement, and a classified balance sheet. S. Woods made an additional investment in the business of $4,000 during 2008.(b) Prepare the closing
Joe Edmonds, CPA, was retained by Fox Cable to prepare financial statements for April 2008. Edmonds accumulated all the ledger balances per Fox's records and found the following.Joe Edmonds reviewed the records and found the following errors. 1. Cash received from a customer on account was
The trial balance columns of the worksheet for Everlast Roofing at March 31, 2008, are as follows.Other data: 1. A physical count reveals only \($240\) of roofing supplies on hand. 2. Depreciation for March is \($200.\) 3. Unearned revenue amounted to \($130\) after adjustment on March 31. 4.
The adjusted trial balance columns of the worksheet for Sparks Company, owned by Billy Sparks, 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
The completed financial statement columns of the worksheet for Molinda Company are shown below.Instructions(a) Prepare an income statement, owner's equity statement, and a classified balance sheet.(b) Prepare the closing entries. Ann did not make any additional investments during the year.(c) Post
Pettengill Management Services began business on January 1, 2008, with a capital in- vestment 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 bal- ance columns of the worksheet
Lee Choi opened Choi's Window Washing on July 1, 2008. During July the following transactions were completed. The chart of accounts for Choi's Window Washing contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157
Julie Molony opened Julie’s Maids Cleaning Service on July 1, 2008. During July, the company completed the following transactions.The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No.
Appendix A at the end of this textbook presents the financial statements of PepsiCo, Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were PepsiCo’s total current assets at December 31, 2005 and
Appendix A presents PepsiCo’s financial statements. Appendix B presents Coca-Cola’s financial statements.Instructions(a) Based on the information contained in these financial statements, determine each of the following for PepsiCo at December 31, 2005, and for Coca-Cola at December 31, 2005.(1)
Whitegloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2008, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Nancy obtained on July 1, 2008, a
From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2008. List the accounts in the order shown on page 59 of the text. All account balances are normal.Accounts Payable \($9,000,\) Cash \($8,800,\) Cleland, Capital \($20,000,\) Cleland, Drawing
Selected transactions from the journal of Teresa Gonzalez, investment broker, are presented below.Instructions (a) Post the transactions to T accounts.(b) Prepare a trial balance at August 31, 2008. Date Aug. 1 Account Titles and Explanation Ref. Debit Credit Cash 5,000 Teresa Gonzalez, Capital
The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.Instructions(a) Prepare the complete general journal (including explanations) from which the postings to Cash were made.(b) Prepare a trial balance at April 30, 2008. Cash No. 101 4/1
Presented below and on the next page is the ledger for Heerey Co.Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b) Determine the October 31 balance for each of the accounts above, and prepare a trial
The accounts in the ledger of Sanford Delivery Service contain the following balances on July 31, 2008.Instructions Prepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the missing amount for Cash. Accounts Receivable $ 7,642 Prepaid Insurance $1,968
Jane Kent is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 301 Jane
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year).Summarized transactions for January 2008 were as follows:1. Advertising costs, paid in cash, \($1,000.\)2. Additional repair parts inventory acquired
The Lake Theater is owned by Tony Carpino. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash \($6,000;\) No. 140 Land \($10,000;\) No. 145 Buildings (concession stand, projection room, ticket booth, and screen) \($8,000;\) No. 157 Equipment \($6,000;\) No. 201
Rosa Perez is a licensed architect. During the first month of the operation of her business, the following events and transactions occurred.Rosa uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No.
Slocombe Services was formed on May 1, 2008. The following transactions took place during the first month.Transactions on May 1:1. Ronald Slocombe invested \($100,000\) cash in the company, as its sole owner.2. Hired two employees to work in the warehouse. They will each be paid a salary of
The trial balance of Don Kelso Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer in payment of its account was debited for \($470,\) and
The Quinn Theater, owned by Mike Quinn, will begin operations in March. The Quinn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Quinn showed: No. 101 Cash \($16,000;\) No. 140 Land \($42,000;\) No. 145 Buildings (concession stand,
On July 1, 2008, Spahn Co. pays \($18,000\) to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Spahn Co., journalize and post the entry on July 1 and the adjusting entry on December 31.
The adjusted trial balance of Harmony Company at December 31, 2008, includes the following accounts: S. Harmony, Capital \($15,600;\) S. Harmony, Drawing \($6,000;\) Service Revenue \($35,400;\) Salaries Expense \($16,000;\) Insurance Expense \($2,000;\) Rent Expense \($4,000;\) Supplies Expense
Conan Industries collected \($100,000\) from customers in 2008. Of the amount collected, \($25,000\) was from revenue earned on account in 2007. In addition, Conan earned \($40,000\) of revenue in 2008, which will not be collected until 2009. Conan Industries also paid \($70,000\) for expenses in
Emeril Corporation encounters the following situations: 1. Emeril collects \($1,000\) from a customer in 2008 for services to be performed in 2009. 2. Emeril incurs utility expense which is not yet paid in cash or recorded. 3. Emeril's employees worked 3 days in 2008, but will not be paid until
Drew Carey Company has the following balances in selected accounts on December 31, 2008.All the accounts have normal balances. The information below has been gathered at December 31, 2008.1. Drew Carey Company borrowed \($10,000\) by signing a 12%, one-year note on September 1, 2008.2. A count of
Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, \($875\) of such services was earned but not yet recorded.2. Utility expenses
A partial adjusted trial balance of Sila Company at January 31, 2008, shows the following.Instructions Answer the following questions, assuming the year begins January 1.(a) If the amount in Supplies Expense is the January 31 adjusting entry, and \($500\) of supplies was purchased in January, what
The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting.Fees are billed to members based upon their use of the club’s facilities. Unearned fees arise from the sale of gift
Colin Mochrie Company has the following balances in selected accounts on December 31, 2008.All the accounts have normal balances. Colin Mochrie Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The fol- lowing information
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2008. The trial balance at June 30 is shown.In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company also contains the following accounts and account numbers: No. 158 Accumulated
Fernetti Advertising Agency was founded by John Fernetti in January of 2007. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2008.Instructions(a) Journalize the annual adjusting entries that were made.(b) Prepare an income statement and a statement of
A review of the ledger of Remington Company at December 31, 2008, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable \($0.\) There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a
On September 1, 2008, the account balances of Rand Equipment Repair were as follows.During September the following summary transactions were completed.Adjustment data consist of:1. Supplies on hand \($1,200.\)2. Accrued salaries payable \($400.\)3. Depreciation is \($100\) per month.4. Unearned
Givens Graphics Company was organized on January 1, 2008, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the following accounts.Analysis reveals the following additional data.1. The \($3,700\) balance in Supplies Expense represents supplies purchased in
Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The Prepare adjusting entries, post trial balance at May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for Modine Consulting also contains the following accounts and
The Elston Motel opened for business on May 1, 2008. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for Elston Motel also contains the following accounts and account numbers: No. 142 Accumulated
Ortega Co. was organized on July 1, 2008. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner's equity statement for
A review of the ledger of Yoda Company at December 31, 2008, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance \($8,600.\) The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was
On November 1,2008, the account balances of Rondeli Equipment Repair were as follows.During November the following summary transactions were completed.Adjustment data consist of: 1. Supplies on hand \($500.\)2. Accrued salaries payable \($500.\)3. Depreciation for the month is \($100.\)4. Unearned
PepsiCo’s financial statements are presented in Appendix A. Coca-Cola’s financial statements are presented in Appendix B. .Instructions Based on information contained in these financial statements, determine the following for each company.(a) Net increase (decrease) in property, plant, and
Happy Camper Park was organized on April 1, 2007, by Amaya Berge. Amaya is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Amaya prepared the following income statement for the quarter that ended March 31, 2008.Amaya thought that something was wrong
Mark Miller started his own delivery service, Miller Deliveries, on June 1,2008. The following transactions occurred during the month of June.Instructions(a) Show the effects of the previous transactions on the accounting equation using the following format.Include explanations for any changes in
Cindy Belton opened a law office, Cindy Belton, Attorney at Law, on July 1, 2008. On July 31, the balance sheet showed Cash \($4,000,\) Accounts Receivable \($1,500,\) Supplies \($500,\) Office Equipment \($5,000,\) Accounts Payable \($4,200,\) and Cindy Belton, Capital \($6,800.\) During August
On June 1, Michelle Bullock started Divine Cosmetics Co., a company that provides individual skin care treatment, by investing \($26,200\) cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.Michelle made no
Laura Geller started her own consulting firm, Geller Consulting, on May 1, 2008. The following transactions occurred during the month of May.Instructions(a) Show the effects of the previous transactions on the accounting equation using the following formatInclude explanations for any changes in the
The actual financial statements of PepsiCo, as presented in the company’s 2005 Annual Report, are contained in Appendix A (at the back of the textbook).Instructions Refer to PepsiCo’s financial statements and answer the following questions.(a) What were PepsiCo’s total assets at December 31,
PepsiCo’s financial statements are presented in Appendix A. The Coca-Cola Company’s financial statements are presented in Appendix B.Instructions(a) Based on the information contained in these financial statements, determine the following for each company.(1) Total assets at December 31, 2005,
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2008, by investing \($25,000\) of their cash savings in the business. A caddy shack was constructed for cash at a cost of \($8,000,\) and \($800\) was spent on golf balls and golf clubs. The Grays leased five acres
As of December 31, 2008, Stoneland Company has assets of \($3,500\) and owner’s equity of \($2,000.\) What are the liabilities for Stoneland Company as of December 31, 2008?a. \($1,500.\)b. $1,000.c. $2,500.d. $2,000.
Karen Sommers Travel Agency purchased land for \($90,000\) cash on December 10, 2008. At December 31, 2008, the land's value has increased to \($93,000.\) What amount should be reported for land on Karen Sommers's balance sheet at December 31, 2008? Explain.
In February 2008, Paula King invested an additional \($10,000\) in her business, King’s Pharmacy, which is organized as a proprietorship. King’s accountant, Lance Jones, recorded this receipt as an increase in cash and revenues.Is this treatment appropriate? Why or why not?
alphabetical order below are balance sheet items for Lopez Company at December 31, 2008. Kim Lopez is the owner of Lopez Company. Prepare a balance sheet, following the format of Illustration 1-9.Illustration 1-9 Accounts payable $90,000 Accounts receivable $72,500 Cash $49,000 Kim Lopez, Capital
Brandon Computer Timeshare Company entered into the following transactions during May 2008.1. Purchased computer terminals for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May rent on storage space.3. Received $15,000 cash from customers for contracts billed in April.4.
An analysis of transactions for S. Moses & Co. was presented in E1-8.Instructions Prepare an income statement and an owner’s equity statement for August and a balance sheet at August 31, 2008.Data from E1-8An analysis of the transactions made by S. Moses & Co.,a certified public
Lily Company had the following assets and liabilities on the dates indicated. Lily began business on January 1, 2007, with an investment of \($100,000.\)Instructions From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:(a) 2007, assuming
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2008, Craig Cantrel and Mills Enterprises.Instructions Determine the missing amounts. Craig Cantrel Mills Enterprises Beginning of year: Total assets $ 95,000
The following information relates to Linda Stanley Co. for the year 2008.Instructions After analyzing the data, prepare an income statement and an owner’s equity statement for the year ending December 31, 2008. Advertising expense $1,800 6,000 Rent expense 10,400 62,500 Utilities expense 3,100
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2008.Instructions(a) Determine Jan Nab’s net income from Deer Park for 2008.(b) Prepare a balance sheet for Deer
Presented below is financial information related to the 2008 operations of Summers Cruise Company.InstructionsPrepare the 2008 income statement for Summers Cruise Company. Maintenance expense Property tax expense (on dock facilities) Salaries expense Advertising expense Ticket revenue $ 95,000
Presented below is information related to the sole proprietorship of Kevin Johnson, attorney.Instructions Prepare the 2008 owner’s equity statement for Kevin Johnson’s legal practice. Legal service revenue-2008 $350,000 Total expenses-2008 211,000 Assets, January 1, 2008 85,000 Liabilities,

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