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Questions and Answers of College Accounting

Explain the purpose of a schedule of accounts payable.
Following is a list of transactions for the month of October. Petty Cash Account (1010) and Miscellaneous Expense Account (5100) have been added to the chart of accounts. Assignment (Excel
What is the purpose of internal control?
The bank statement for Corsen’s Fashion Inc. had an ending cash balance of $3,000 on July 31, 2019. On this date, the company’s cash balance in the general ledger was $4,000. After comparing the
Consider the following bank statement and general ledger for Kaelen’s Spa. Additional information: 1. On August 19, Kaelen’s Spa purchased $575 worth of nail polish and supplies from
The following transactions occurred in April 2020 for Brittney’s Designs; Apr. 1 Issued cheque No. 14 for $120 to establish a petty cash fund. 5 Paid $10 from petty cash for postage,
Why should cheque stubs be filled out first, before the cheque itself is written?
In general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $100 petty cash fund is established. 31 At the end
In general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $104 petty cash fund is established. 31 At the end
If, in exercise E8-2A, cash on hand was $11, prepare the entry to replenish the petty cash on July 31. Data From exercise E8-2AIn general journal form, prepare journal entries to establish a
The following transactions occurred in April and were related to the general journal and petty cash fund of Rick’s Deli of Regina. 2019 Apr. 1 Issued cheque No. 14 for $100 to establish a
Alanda Murray Bookkeeping Services has only a general journal in its accounting system and uses it to record all the transactions. However the company recently set up a petty cash fund for payment of
The following transactions occurred in March and were related to the general journal and petty cash fund of Samuel & Co. of St. John’s. 2019 Mar. 1 Issued cheque No. 314 for $200 to
Explain the end product of a bank reconciliation.
Identify whether each of the following items affects the bank or book side of the reconciliation, and indicate whether the amount represents an addition or a subtraction. Bank or Book + or - a.
If, in exercise E8-2A, cash on hand was $13, prepare the entry to replenish the petty cash on July 31. Data From exercise E8-2AIn general journal form, prepare journal entries to establish a
If, in exercise E8-2B, cash on hand was $29, prepare the entry to replenish the petty cash on July 31. Data From Exercise E8-2BIn general journal form, prepare journal entries to establish a
From the following, record the transactions in Logan’s auxiliary petty cash record and general journal. 2018 Oct. 1 A cheque was drawn (No. 444) payable to Roberta Floss, petty cashier,
From the following, record the transactions in Logan’s auxiliary petty cash record and general journal. 2018 Oct. 1 Roberta Floss, the petty cashier, cashed cheque No. 444 to establish a
Karen Johnson, the accountant of Hoop Co. of Nelson, has appointed Jim Pool as the petty cash custodian. The following transactions occurred in November. 2019 Nov. 25 Cheque No. 441 was
Indicate which of the actions (1 through 4) listed would be necessary for each of the situations (a through f) described below. 1. New cheque written 2. Recorded in general journal 3.
At the end of the day, the clerk for Garret’s Variety Shop noticed an error in the amount of cash he had. Total cash sales from the sales tape were $1,196, while the total cash in the till was
On March 2, 2019, the accountant for Bergen Carpet Co. of Edmonton was injured in a skiing accident and was advised not to return to work for six weeks. The owners of the company are anxious to
Why do adjustments to the chequebook balance in the reconciliation process need to be journalized?
What is EFT?
What are the major advantages and disadvantages of online banking?
At time of petty cash replenishment, why are the totals of individual expenses debited?
Explain the purpose of a change fund.
Calculate the total wages earned for each employee. (Assume an overtime rate of time-end-a-half over 40 hours.) Еmployee Jean Knott Abe Janzen Hourly Rate Hours Worked $14.50 38 16.00 42 Mike
From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of time-and-a-half over 40 hours.) Number of Hours Hourly Rate $12.00 Gross
From the following information, complete the chart for gross earnings for the week. (Assume an overtime rate of time-and-a-half over 40 hours.) Number of Hours Worked Employee Hourly Rate Gross
In preparing for next year, Tony Freedman has hired two employees to work on an hourly basis assisting with some troubleshooting and repair work. (Excel templates for this Continuing Problem are
Usually, claiming more credits on a TD1 results in receiving more money per paycheque.
Pete Martin has cumulative earnings before this weekly pay period of $50,800. Assuming that he is paid $1,200 this week, manually calculate his deduction for CPP and EI.
Dianne Murray works as a nurse in a hospital at a wage rate of $20.00 per hour. Dianne’s payroll deductions include income tax withheld of 20% of total earnings, CPP deduction of $155.84, EI
Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to
Nickels Company of Windsor has five salaried employees. Your task is to record the following information in a payroll register for the last week of March. Use the tables in the chapter appendices to
All payroll registers must be special journals. True or false?
Calculate Pete’s net pay from question CDE2 above. Income tax is $247.25, and supplemental health insurance is $40.
Complete the table. Account Financial Statement on Category Dr./Cr. Which Account Appears CPP Payable Income Tax Payable Medical Insurance Payable Wages and Salaries Payable Office Salaries
Complete the table. Account Financial Statement on Category Dr./Cr. Which Account Appears EI Payable Income Tax Payable Employee Donations Payable Wages and Salaries Payable Office Salaries
The payroll records of Devon’s Baseball Corporation’s district office provided the following information for the weekly pay period ended November 5. Note: All employees are paid 1.5 times
Calculate the total wages earned (assume an overtime rate of time-and-a-half over 40 hours): Employee Hourly Rate No. of Hours Worked a. Marina Lizunova $10 37 b. Jill Jones 12 50
Explain how federal and provincial income tax withholdings are calculated.
Define and state the purpose of the Canada and Quebec Pension Plans.
L. Murray Day Care Services has calculated the following amounts for an employee during the last week of April. Gross wages.............$3,600 Taxes withheld..............775 CPP
Adam’s DJ Services has three employees who work on an hourly basis and are paid weekly. The current CPP rate is 4.95%; the current EI rate is 1.88%; and the appropriate income tax rate is 23%. Each
Christine Ballantyne, the accountant for Smurk Co. of Shelburne, has gathered the following data for the September 23 weekly payroll. Assumptions 1. Income taxes are calculated at 20%, CPP
The payroll clerk for the Marlin Company of Armstrong assembled the following data for the company’s five employees before suddenly becoming quite ill. You have been approached to complete the
The employer doesn’t have to contribute to the Canada Pension Plan. Agree or disagree?
On January 21, the end of the third weekly pay period of the year, a company’s payroll register showed that its 35 employees had earned $53,450 in sales salaries and $10,500 in office salaries.
Garret’s Motocross Academy has 25 employees who are paid weekly. The payroll register showed the following payroll deductions for the pay period ending July 4 Required Prepare the journal
What is a calendar year?
Explain the differences in determining CPP and EI deductions.
Marcy Moore recently moved to your city from another large Canadian centre. She was employed as an engineer by a large oil company and was rather well paid. She now works as a senior engineer for a
Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement.1. The three steps in the accounting process are identifi cation, recording, and
Genesis Company performs the following accounting tasks during the year.a. Analyzing and interpreting information.b. Classifying economic events.c. Explaining uses, meaning, and limitations of
Saylor Enterprises had owner’s equity of $168,000 at the beginning of the period. At the end of the accounting period, the owner’s equity was $198,000.a. Assuming no additional investment or
On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at
a. The following are users of financial statements.1. Customers.2. Internal Revenue Service.3. Labor unions.4. Marketing manager.6. Securities and Exchange Commission.7. Store manager.8. Suppliers.9.
Indicate whether each of the following statements is true or false. If false, indicate how to correct the statement.1. A business owned by two or more persons associated as partners is a
Financial statement information about four different companies is as follows. Instructions a. Determine the missing amounts. (Hint: For example, to solve for (a), Assets ? Liabilities = Owner?s
Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range on March 1, 2022, by investing $25,000 of their cash savings in the business. Equipment was purchased with cash for $8,800.
In alphabetical order below are balance sheet items for Mendoza Company at December 31, 2022. Kathy Mendoza is the owner of Mendoza Company. Prepare a balance sheet, following the format of
The following are examples of types of companies.a. Interior design firm.b. Sporting goods store.c. Pharmacy.d. Chemical plant.e. Computer repair business.f. Furniture
This information is for Paulo Company for the year ended December 31, 2022. InstructionsPrepare the 2022 statement of cash flows for Paulo Company. Cash received from revenues from customers Cash
Sandi Alcon, the bookkeeper for New York Company, has been trying to determine the correct balance sheet for the company. The company?s balance sheet is shown below. InstructionsExplain to Sandi
The following information relates to Armanda Co. for the year 2022. After analyzing the data, prepare an income statement and an owner?s equity statement for the year ending December 31, 2022.
Presented below is selected information related to Kirby Company at December 31. Kirby reports financial information monthly. a. Determine the total assets of Kirby Company at December 31. b.
Indicate where in the financial statements you would find the following items—income statement (IS), owner’s equity statement (OE), or balance sheet (BS).a. Drawings. b. Rent
From the following list of services, identify the four services performed by a private accountant: auditing, budgeting, cost accounting, management consulting, tax planning, and tax preparation.
Compute the net change in cash on the statement of cash flows given the following data.Cash flows from operating activities .............................. $ 5,890Cash flows from
Loren Satina is the only owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31,
Presented below is financial information related to the 2022 operations of Sea Legs Cruise Company.Rent expense ..................................................... $ 95,000Utilities expense
Trenton Travel Agency purchased land for $90,000 cash on December 10, 2022. At December 31, 2022, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s
Presented below is information related to the proprietorship of Alice Henning, attorney. InstructionsPrepare the 2022 owner?s equity statement for Alice Henning?s legal practice. Service
Presented below is financial information for Skyline Company. InstructionsPrepare a statement of cash flows for the month ended December 31, 2022. Cash received from revenues from customers Cash
In February, Maria Osgood invested an additional $10,000 in her business, Osgood’s Pharmacy, which is organized as a proprietorship. Osgood’s accountant, Carl, recorded this as revenue on the
Summarized operations for Bayles Co. for the month of July are as follows.Revenues ...................... $70,000.Expenses ...................... $40,000.Indicate for
List three job opportunities in public accounting.
What is the relationship between the revenue and expense accounts and the owner’s equity account?
Prepare general journal entries for the following transactions:Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day noninterest-bearing note. The note is discounted 8% by the bank. Nov. 14
At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.Interest on $4,000, 90-day, 7% note (for 15 days) $11.67Interest on
What is impairment?
What is goodwill? When is it recognized?
What is a franchise? Name a franchise you have visited.
Who is the payee of a note?
Explain the function of each of the four closing entries made by Sunflower Cycle.
What are the differences between a cost center, a profit center and an investment center?
As a rule of thumb, what is the minimum desired current ratio?
What is the basic test for determining whether impairment does, in fact, exist?
What is the manufacturing margin?
Suggest some nonmeasurable data that might be considered in deciding to replace existing equipment with new equipment.
Suppose that a company is considering the purchase of new equipment. The old equipment will be sold when the new equipment is acquired. How should the proceeds from the sale of the old equipment be
Why might management be reluctant to accept a special order for its products at less than the normal price even though such an order would be legal and profitable?
Why might employee morale be a factor in deciding whether to replace existing equipment with new equipment?
Why do the analyses presented in this chapter focus on future costs rather than on past costs? Explain.
Hope Company is considering replacing its existing wrapping system with new equipment. The existing system has a book value of $125,000 and a remaining useful life of two years. The new wrapping
It is in the best interest of the Internal Revenue Service for companies to succeed. More taxes are paid if more companies make a higher profit. Go to the IRS website at IRS.gov. At the IRS home
Innovative Automation Corporation is currently manufacturing a part that goes into its main product. Each year 4,900 of these parts are used. Cost data for the past year that relates to the 4,900

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