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Questions and Answers of College Accounting

A completed worksheet for The Oxford Group is shown below.INSTRUCTIONS1. Journalize and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all
What three financial statements are prepared during the accounting cycle?
Alexis Wesson, the bookkeeper for Home Interiors, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances:Table Summary: Capital
Based on the account balances in Exercise 6.1 and the account balances after the closing entries, prepare a postclosing trial balance for the De La Rosa Company on December 31, 20X1.Data from
A firm has the following expenses: Rent Expense, $3,600; Salaries Expense, $7,000; Supplies Expense, $1,500. Give the entry to close the expense accounts.
The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow.Table Summary:Account income summary and account number 399 are
The ledger accounts of Perera Company appear as follows on March 31, 20X1: Table Summary: Table consists of 17 rows and 3 columns. Account number, account, and balance are the three column
A firm has $90,000 in revenue for the period. Give the entry to close the Fees Income account.
On December 31, the Income Summary account of Davidson Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Jackson Davidson, Drawing
On December 31, the Income Summary account of Johnson Company has a Credit balance of $226,000 after revenue of $519,000 and expenses of $293,000 were closed to the account. Gloria Johnson, Drawing
A company offers a 2 percent discount if the customer pays within 10 days of the invoice. Otherwise, the amount is due in whole in 30 days. How would this company express these credit terms on its
Bella Beauty Products is a retailer selling various hair, skin, and other beauty products. Bella Beauty Products is owned and operated by Vanessa Domingo. The company has three retail locations. Each
Why does a small merchandising business usually need a more complex set of financial records and statements than a small service business?
Why is it useful for a firm to have an accounts receivable ledger?
What does the accounting process involve?
Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld from each employee’s gross pay for December. Assume a 1.45 percent Medicare tax rate and that all
The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow.Determine the amount of social security tax to be withheld from
The following financial statement excerpt is taken from the 2015 Annual Report (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.:1. The Cost of Sales amount on The Home Depot,
1. Open the general ledger accounts and accounts receivable ledger accounts indicated below.2. Post the entries from the general journal in Problem 7.2A to the appropriate accounts in the general
1. Use the final balances of the customer accounts after completing Exercise 7.9 to prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.2. Should the total of your
Where does the accountant obtain the data needed for the adjusting entries?
What effect does each item in Question 8 have on owner’s equity?Items From Question 8:a. The owner withdrew cash from the business.b. Credit customers paid $3,000 on outstanding balances that
What is the accounting cycle?
Annual reports released by publicly held companies include a letter to the stockholders written by the chief executive officer, chairman of the board, or president.Analyze Online: Locate the Adobe
The accountant for the firm owned by Conner McAllister prepares financial statements at the end of each month.INSTRUCTIONSUse the figures in the T accounts for Problem 3.4B to prepare a trial
What are accounts?
Using the information provided in Exercise 2.8, prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30,
What are expenses?
What is revenue?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. What is the cost of finished goods inventory for 2013 as shown in note 17?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. Find the net sales figure for Latin America for 2013 in Project K in note 3.
What is the difference between a cost center and a profit center?
What is the difference between a cost center and a profit center?
When you look at the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports, do you think Kellogg’s uses a voucher system?
Posting to a voucher register is quite different from posting to other special journals. Agree or disagree? Why?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. Calculate for Kellogg’s the current ratio for 2012 and 2013.
From the comparative income statement of Wood Company in Figure 22.7, do the following:a. Prepare a horizontal analysis with the amount of increase or decrease during 2016 along with the percent
What is meant by vertical analysis?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports and find the Statement of Cash Flows for Kellogg’s. What is net cash provided
From the financial statements and additional information provided in Problem 21B-1 for Cygan Company, prepare a statement of cash flows using the direct method.Problem 21B-1:From the following income
From the financial statements and additional information provided in Problem 21A-1 for Dent Company, prepare a statement of cash flows using the direct method.Problem 21A-1:From the following income
For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method._____ a.
For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method._____ a.
The following accounts showed an increase or a decrease from the comparative balance sheet. Explain which account will be added to net income and which will be subtracted in calculating net cash
Explain how net cash flows from operating activities is calculated using the direct method.
List the three main sections of the statement of cash flows.
Redo the journal entries for Exercise 20B-3, assuming that bonds sold at 107.Data From Exercise 20B-3:Smith Corporation issued $320,000 of 4%, 25-year bonds at 91 on November 1, 201X, with semiannual
Redo Concept Check 2 with the straight-line method, assuming that the bond sells for 104.Data From Concept Check 2:On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the
Why does the interest method of amortizing a discount or premium use the market rate in calculating interest expense to be recorded?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports and find the consolidated balance sheet. What is the cost of treasury stock for
Explain the difference between a stock dividend and a stock split.
What is the difference between market value and book value?
What is the difference between market value and book value?
Go to the consolidated balance sheet in the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. What is the amount of retained earnings in
Prior to the current year, Joseph Co. owed $14,200 each year for 10 years to holders of cumulative preferred stock. This year Joseph’s pays out $175,000 in dividends to preferred and common. How
Leaf Corporation has capital stock of $7,500. Its Retained Earnings account has a $14,900 balance. Cash has a balance of $9,200. What is the total of stockholders’ equity for Leaf Corporation?
How does one calculate Paid-In Capital in Excess of Par Value or Stated Value?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs .com/investor-relations/annual-reports and explain why Kellogg’s is not classified as a partnership.
Savannah, Brooke, and Melody have capital balances before liquidation of $13,000, $21,000, and $28,000, respectively. Cash balance is $48,000, and the partners share losses and gains in a 3:2:1
Josh, Chase, and Cameron have capital balances before liquidation of $12,000, $28,000, and $34,000, respectively. Cash balance is $45,000, and the partners share losses and gains in a 3:2:1 ratio.
Pete Robinson wants to have a one-third interest in a law practice that has two partners with capital balances as follows:How much must Pete invest into the partnership?
Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $16,700, how
If the partners in Concept Check 2 share net income based on their beginning capital investments, what would be the journal entry at closing to allocate net income?Data From Concept Check 2:John
Quincy Company incurred the following expenditures to buy a new machine:• Invoice, $30,000 less 12% cash discount• Freight charges, $450.• Assembly charges, $1,900.• Special base to support
Blue Company incurred the following expenditures to buy a new machine:• Invoice, $28,000 less 9% cash discount.• Freight charges, $490.• Assembly charges, $1,100.• Special base to support
Complete the following:
Identify each situation as a capital expenditure or revenue expenditure.
If Kevin Sands depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.
If Lee Sands depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following:The truck was driven 7,500 miles in year 1.
If a machine had a cost of $6,700 with an accumulated depreciation of $670, what would be its book value?
Calculate the total cost of the machine given the following:List price $3,000Cash discount
John Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:
Calculate the total cost of the machine given the following:
Explain how the income tax method differs from the Accounting Principles Board ruling with regard to the recording of exchanges of plant assets that result in a loss.
A loss on an exchange of plant assets occurs when the book value of the old machine is more than the trade-in allowance. True or false?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/ investor-relations/annual-reports and find out how inventories are valued. How much inventory did Kellogg’s
From the following facts, calculate the correct cost of inventory for Sue Company.• Cost of inventory on shelf, $4,500, which includes $280 of goods received on consignment.• Goods in transit en
From the following facts, calculate the correct cost of inventory for Ann Company.• Cost of inventory on shelf, $4,700, which includes $270 of goods received on consignment.• Goods in transit en
What four titles along with their classification are involved in the sale of goods in a perpetual system?
What four titles along with their classification are involved in the sale of goods in a perpetual system?
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and find the Consolidated Statement of Income. What was the Interest Expense in 2012
Use the table in the text to prove your answers for Exercise 14B-2.Exercise 14B-2:Determine the maturity date for each of the following without the use of tables:
Determine the maturity date for each of the following without the use of tables:
Calculate the interest for the following:a. $17,000 6% 2 yearsb. $26,000 12% 6 monthsc. $12,000
Use the table in the text to prove your answers for Exercise 14A-2.Exercise 14A-2:Determine the maturity date for each of the following without the use of tables: Note Issued
Determine the maturity date for each of the following without the use of tables: Note Issued Length of Timea. January 17, 201X
Calculate the interest for the following:a. $10,000 5% 1 yearb. $25,000 8% 6 monthsc. $ 9,500 18% 80 days
Donny Caste discounted a $10,000, 6%, 90-day note at Stone Bank. He recorded the following entry:How much interest did Donny Caste lose by discounting the note?
Find the maturity date of the following:a. 120-day note dated May 16.b. 90-day note dated November 9.
What is meant by a contingent liability?
Smith Computer Center currently has a $13,095.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable:AssignmentAlthough the All Star Sports, Inc. account is not 90 days
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. See Note 17 supplemental financial statement data and find the balance in Allowance
Assuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,600 balance in the
Assuming that in Exercise 13A-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,700 balance in the
Pete Sazich, the accountant for Moore Company, feels that all bad debts will be eliminated if credit transactions are done by credit card. He also feels that the cost of the credit cards should be
In which approach is the balance of the Allowance for Doubtful Accounts considered when the estimate of Bad Debts Expense is made? Please explain.
The income statement approach used to estimate bad debts is based on Accounts Receivable on the balance sheet. Agree or disagree? Why?
Explain the matching principle in relation to recording Bad Debts Expense.
Explain the matching principle in relation to recording Bad Debts Expense.
This practice set will help you review all the key concepts of a merchandise company, along with the integration of payroll, including the preparation of Form 941Because you are the bookkeeper for

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