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College Accounting Ch 1-14 1st Edition John Wild, Vernon Richardson, Ken Shaw - Solutions

Identify at least two results of reimbursing a petty cash fund.
What is a bank statement?
What is the meaning of the phrase to reconcile a bank balance?
Why do we reconcile the bank statement balance of cash and the depositor’s book balance of cash?
List at least two items affecting the bank balance side of a bank reconciliation and indicate whether the items are added or subtracted.
List at least three items affecting the book balance side of a bank reconciliation and indicate whether the items are added or subtracted.
Analyzing internal control For each of these five separate cases, identify the basic control principle(s) that is violated. Recommend what the business should do for better control.1. Lavina Company is a small business that has separated the duties of cash receipts and cash disbursements.The
Prepare a bank reconciliation and record adjustments The following information is available to reconcile Severino Co.’s book balance of cash with its bank statement cash balance as of December 31, 2008.a. After posting is complete, the December 31 cash balance according to the accounting records
Prepare a bank reconciliation and record adjustments Shamara Systems Co. most recently reconciled its bank balance on April 30 and reported two checks outstanding at that time, No. 1771 for \($781.00\) and No. 1780 for \($1,425.90\). The following information is available for its May 31, 2008,
Adriana Lopez receives the March bank statement for Success Systems on April 11, 2008. The March 31 bank statement shows an ending cash balance of \($86,896\). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following.a. Lopez notices that the bank
Refer to Best Buy’s financial statements in Appendix A to answer the following.1. For both fiscal year-ends February 26, 2005, and February 28, 2004, identify the total amount of cash and cash equivalents. Determine the percent this amount represents of total current assets, total current
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.RequiredCompute days’ sales uncollected for both companies for each of the two years shown. Comment on any trends for both companies. Which company has the larger percent change in days’ sales uncollected from the
Assume you are a salesperson for a small business. The owner of the business informs the sales staff that the days’ sales uncollected ratio is too high, and asks you for insight on how to reduce days’ sales uncollected.RequiredExplain to the owner strategies the sales staff can employ to reduce
Visit the Association of Certified Fraud Examiners Website at cfenet.com. Review the cash frauds (refer to the 2006 Report to the Nation; see Fraud resource center—under publications—to the Nation) discussed at this Website and answer the following questions.Required 1. What percentage of asset
Cash and liquidity Good accounting systems help to manage cash and control access to it.1. What items are included in the category of cash?2. What does the term liquidity refer to?
Control of cash A good system of cash control helps protect both cash receipts and cash disbursements.1. What are three basic guidelines that help achieve this protection?2. Identify a control system for cash disbursements.
Days’ sales uncollected The following annual account balances are taken from Armour Sports at December 31.What is the change in the number of days’ sales uncollected between years 2007 and 2008? According to this analysis, is the company’s collection of receivables improving? Explain your
Adjusting entries from bank reconciliation Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation in Exercise 8-7.Exercise 8-7:Bank reconciliationDel Gato Clinic deposits all cash receipts on the day they are received and it makes all
Principles of internal control suggest that (choose one): (a) Responsibility for a series of related transactions (such as placing orders, receiving and paying for merchandise) should be assigned to one employee; (b) Responsibility for individual tasks should be shared by more than one employee so
What are some impacts of computing technology on internal control?
Should all companies require a voucher system? At what point in a company’s growth would you recommend a voucher system?
What type of company must follow the provisions of the Sarbanes-Oxley Act?
What is a company’s best way to detect fraud?
The following information is available for Hapley Company:* The November 30 bank statement shows a \($1,895\) balance.* The general ledger shows a \($1,742\) balance at November 30.* A \($795\) deposit placed in the bank’s night depository on November 30 does not appear on the November 30 bank
Using the information from question 2, what is the reconciled balance on Hapley’s November 30 bank reconciliation?a. \($2,052\)b. \($1,895\)c. \($1,742\)d. \($2,201\)e. \($1,184\)Question 2: 2. The following information is available for Hapley Company: The November 30 bank statement shows a
Using the information from question 2, how will the \($10\) bank service charge appear on Hapley’s November 30 bank reconciliation?a. \($10\) appears as an addition to the book balance of cash.b. \($10\) appears as an addition to the bank balance of cash.c. \($10\) appears as a deduction from the
Using the information from question 2, the journal entries to adjust Hapley’s book balance of cash to the bank’s balance of cash on November 30 will include aa. Debit to Cash for the \($10\) bank service charge.b. Credit to Cash for \($638\) of outstanding checks.c. Debit to Cash for \($795\)
Why should the person who keeps the cash records not have access to cash?
Match each of the following transactions 1 through 10 with the applicable internal control principle A through G (some answers refer to more than one principle).A. Establish responsibility.B. Maintain adequate records.C. Insure assets and bond employees.D. Separate recordkeeping from custody of
For each of these five separate cases, identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control.1. Halton Company records each sale on a preprinted invoice. Since sometimes invoices are spoiled when
Workplace fraud and internal controls It is important that companies assess their risks of workplace fraud. Managers must also possess the skills to identify workplace fraud and the skills to establish internal controls to effectively reduce the risks of such fraud.RequiredFor each of the following
It is important that companies assess their risks of workplace fraud. Managers must also possess the skills to identify workplace fraud and the skills to establish internal controls to effectively reduce the risks of such fraud.Required:For each of the following five separate cases, identify which
The owner of a start-up information services company requires all employees to take at least one week of vacation per year. Why does the employer require this “forced vacation” policy?
Assume you are the owner of a small business. You are planning on borrowing money from a local bank. What are some features of the Sarbanes-Oxley Act that you could adopt to help persuade the banker that your financial statements are not fraudulent?
Visit the Association of Certified Fraud Examiners Website at cfenet.com. Research the fraud facts (refer to the 2006 Report to the Nation, see fraud resource center—under publications—Report to the Nation) presented at this site and fill in the blanks in the following statements.I. It is
Review the opening feature of this chapter that highlights Todd Graves and his company Raising Cane’s Chicken Fingers.Required:1. List the seven principles of internal control and explain how Graves could implement each of them in his restaurants.2. Do you believe that Graves will need to add
List the four common elements of all workplace frauds.
List the three major types of workplace frauds.
What are the three main methods of detecting workplace fraud?
A good system of internal control separates the recordkeeping from the control of assets.1. Explain why this separation of duties can be effective.2. Which limitation of internal control might limit ‘separation of duties’ from preventing fraud?3. How can technology impact a company’s ability
Applying the accounting cycle On July 1, 2008, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company’s first month.July 1. Plume invested \($30,000\) cash and buildings worth \($150,000\) in the business.2 Rented equipment by
Preparing trial balances, closing entries, and financial statements Santo Company’s adjusted trial balance on December 31, 2008, follows.Required 1. Prepare an income statement and a statement of owner’s equity for the year 2008, and a balance sheet at December 31, 2008. There are no owner
Preparing closing entries and financial statements The adjusted trial balance for Anara Co. as of December 31, 2008, follows.P. Anara invested \($40,000\) cash in the business during year 2008 (the December 31, 2007, credit balance of the P. Anara, Capital account was \($52,800).\)Required I.
Preparing a work sheet, adjusting and closing entries, and financial statements ss following unadjusted trial balance is for Power Demolition Company as of the end of its April 30, 2008, fiscal year. The April 30, 2007, credit balance of the owner’s capital account was \($46,900\), and the owner
The December 31, 2007, adjusted trial balance of Success Systems (reflecting its transactions from October through December of 2007) follows.Required 1. Record and post the necessary closing entries for Success Systems.2. Prepare a post-closing trial balance as of December 31, 2007. No. Account
Refer to Best Buy’s financial statements in Appendix A to answer the following.Required1. For the fiscal year ended February 26, 2005, what amount is credited to Income Summary to summarize its revenues earned?2. For the fiscal year ended February 26, 2005, what amount is debited to Income
Key figures for the recent two years of both Best Buy and Circuit City follow.Required1. Compute the current ratio for both years and both companies.2. Which company has the better ability to pay short-term obligations according to the current ratio?3. Analyze and comment on each company’s
On January 20, 2008, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date financial statements to share with the bank on January 21 at a dinner meeting that has been called to
Review this chapter’s opening feature involving Janet Freeman and her company Betty Rides.1. Why was it important for Janet to simplify Betty Rides’ chart of accounts?2. Explain how adjusting and closing entries help Janet make sure the right expenses were charged in the correct period.3. How
Where do we get the amount to enter in the Unadjusted Trial Balance columns of a work sheet?
What are the advantages of using a work sheet to help prepare adjusting entries?
What are the major steps in preparing closing entries?
Why are revenue and expense accounts called temporary? Can you identify and list any other temporary accounts?
When two clerks share the same cash register, it is a violation of which internal control principle?a. Establish responsibilitiesb. Maintain adequate records.c. Insure assets.d. Bond key employees.e. Apply technological controls.
The impact of technology on internal controls includesa. Reduced processing errors.b. Elimination of the need for regular audits.c. Elimination of the need to bond employees.d. More efficient separation of duties.e. Elimination of fraud.
The most serious limitation of internal control isa. Computer error.b. Human fraud or human error.c. Cost-benefit principle.d. Cybercrime.e. Management fraud.
A set of procedures and approvals that is designed to control cash disbursements and the acceptance of obligations is rec ferred to as a(n):a. Internal cash system.b. Petty cash system.c. Cash disbursement system.d. Voucher system.e. Cash control system.
The source by which the greatest percentage of workplace fraud schemes is detected isa, Tips from customers and vendors.b. Internal auditors.c. Accident.d. Tips from employees.e. Independent auditors.
Identify the items from the following list that are likely to serve as source documents.a. Sales ticketb. Income statementc. Trial balanced. Telephone bille. Invoice from supplierf. Company revenue account g. Balance sheet h. Prepaid insurance i. Bank statement
Prepare journal entries for each of the following selected transactions.a. On January 13, DeShawn Tyler opens a landscaping business called Elegant Lawns by investing \($70,000\) cash along with equipment having a \($30,000\) value. (£04)b. On January 21, Elegant Lawns purchases office supplies on
A trial balance has total debits of \($20,000\) and total credits of \($24,500.\) Which one of the following errors would create this imbalance? Explain.a. A \($2,250\) debit to Rent Expense in a journal entry is incorrectly posted to the ledger as a \($2,250\) credit, leaving the Rent Expense
On August 4, 2008, a company incorrectly debits Rent Expense instead of Salaries Expense when recording payroll for the month. On August 30, the error is discovered while preparing the trial balance. Propose a correcting journal entry to correct the books. If the error had not been discovered, how
Goro Co. bills a client \($62,000\) for services provided and agrees to accept the following three items in full payment: (1) \($10,000\) cash, (2) computer equipment worth \($80,000\), and (3) assume responsibility for a \($28,000\) note payable related to the computer equipment. What journal
Prepare general journal entries for the following transactions of a new business called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested \($6,500\) cash and \($33,500\) of photography equipment in the business.2 Paid \($2,100\) cash for an insurance policy covering the next 24 months.5
Use the information in Exercise 4-2 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris, Capital;Photography Fees Earned; and Utilities Expense. Post the general journal entries to these
Use the information in Exercise 4-4 to prepare an October statement of owner’s equity for OnTech.Exercise 4-4;On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company’s records show the following items and amounts. Use this information to prepare
Use the information in Exercise 4-4 (if completed, you can also use your solution to Exercise 4-5) to prepare an October 31 balance sheet for OnTech.Exercise 4-4:On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company’s records show the following
Preparing and posting journal entries; preparing a trial balance Kasey Reese opens a consulting business called Cougar Consulting and completes the following transactions in March.March 1 Reese invested \($150,000\) cash along with \($22,000\) of office equipment in the business.2 Prepaid
Preparing and posting journal entries; preparing a trial balance Bonnie Stradling opened a computer consulting business called Stradling Consultants and completed the following transactions in the first month of operations.1 Bonnie invested \($80,000\) cash along with office equipment valued at
After all journal entries have been posted, Levi Hancock finds that errors have been made in recording some company transactions. Help Levi prepare correcting journal entries for each of the following errors.1. The following journal entry was made to record the purchase of supplies for \($700\)
Preparing and posting journal entrieso; a a trial balance Barry Wells Management Group opens for business and completes these transactions in November.Nov. 1 Barry Wells, the owner, invested \($30,000\) cash along with \($15,000\) of office equipment in the business.2 Prepaid \($4,500\) cash for
Preparing and posting journal entrieso; v a trial balance Kamilos Management Services opens for business and completes these transactions in September.Sept. 1 Tom Kamilos, the owner, invests \($38,000\) cash along with office equipment valued at \($15,000\) in the business.2 Prepaid \($9,000\) cash
Correcting errors with journal entries.After all journal entries have been posted, Kasey Beck finds that errors have been made in recording some company transactions. Help Kasey prepare correcting journal entries for each of the following errors.I. The following journal entry was made to record the
Best Buy sells consumer electronics in its retail outlets and from its online stores.Required Based on your understanding of Best Buy, identify at least four types of source documents that Best Buy would likely use in its operations.
Best Buy and Circuit City sell consumer electronics in their retail outlets and online stores.Required 1. Identify the major revenue and expense accounts you would expect to see reported by Best Buy and Circuit City (you might review their financial statements in Appendix A for general
Mark Ellingson is an aspiring entrepreneur and your friend. He is having difficulty understanding the link between the general journal and the general ledger.Required Write a half-page memorandum to Ellingson explaining how the general journal and the general ledger are linked to each other.
Quickbooks is an accounting software program with both a general journal and general ledger. Access Quickbooks’ Website (QuickBooks.com) and review the various Quickbooks’ software programs to answer the following requirements.Required 1. Which Quickbooks’ program would be most appropriate
Refer to the chapter’s opening feature about Katrina Markoff and her Vosges Haut Chocolat company.Required Using Exhibit 4.3 as a guide, what are some examples of accounts you would expect to see in the Vosges Haut Chocolat company? Exhibit 4.3 Account Number Account Name Account Number Account
Identify examples of accounting source documents.
Explain the importance of source documents.
What determines the number and types of accounts a company uses?
Describe a chart of accounts.
Assume a \($500\) purchase of prepaid insurance is journalized with an incorrect debit to Supplies, and this incorrect entry is posted to the ledger. Prepare the correcting journal entry.
On May 1, 2008, a two-year insurance policy was purchased for \($24,000\) with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement for the year ended December 31, 2008?a. $4,000b. $8,000c. $12,000d. $20,000e. $24,000
A company purchases a delivery truck for \($39,000\) on July 1, 2008. The truck is estimated to have a useful life of 6 years and zero salvage value. The company uses the straight-line method of depreciation. How much depreciation expense is recorded on the truck for the year ended December 31,
Review the balance sheet of Circuit City in Appendix A. In addition to Prepayments, identify two accounts (either assets or liabilities) requiring adjusting entries.Appendix A: CONSOLIDATED BALANCE SHEETS ASSETS Ad Ferty 29 29 2004 CURRENT ASSETS: Cash and cash equivalents.. 879,660 5783,471
Recording and analyzing adjusting entries Adjusting entries affect at least one balance sheet account and at least one income statement account.For the following entries, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement
Adjusting prepaid expensesa. On July 1, 2008, Lamis Company paid \($1,200\) for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2008. Prepare the journal entry to reflect expiration of the insurance as of December 31,
Adjusting for depreciationa. Chika Company purchases \($20,000\) of equipment on January 1, 2008. The equipment is expected to last five years and be worth \($2,000\) at the end of that time. Prepare the entry to record one year’s depreciation expense for the equipment as of December 31, 2008.
Accuring salaries Lakia Rowa employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) Rowa adjusts
Interpreting adjusting entries The following information is taken from Brooke Company’s unadjusted and adjusted trial balances.Given this information, what were the adjusting entries? Unadjusted Adjusted Debit Credit Debit Credic Prepaid insurance $4,100 $3,700 Interest payable......... $ 0 $800
Classifying adjusting entries In the blank space beside each adjusting entry, enter the letter of the explanation A through C that most closely describes the entry.A. To record this period’s depreciation expense.B. To record accrued salaries expense.C. To record this period’s use of a prepaid
Preparing adjusting entries Prepare adjusting journal entries for the year ended (date of ) December 31, 2008, for each of these separate situations. :a. Depreciation on the company’s equipment for 2008 is computed to be $18,000.b. The Prepaid Insurance account had a \($6,000\) debit balance at
Preparing adjusting entries For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of ) December 31, 2008.a. Wages of \($8,000\) are earned by workers but not paid as of December 31, 2008.b. Depreciation on the company’s
Adjusting and paying accrued wages Lopez Management has five part-time employees, each of whom earns \($250\) per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2008. The next week, the five employees
Adjusting and paying accrued expenses Total weekly salaries expense for all employees is \($10,000\). This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The
Preparing adjusting journal entries Arnez Co. records prepaid expenses in balance sheet accounts. Arnez’s annual accounting period ends on December 31, 2008. The following information concerns the adjusting entries to be recorded as o that date.a. The Office Supplies account started the year with
Preparing adjusting entries, adjusted trial balance, and financial statements Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial
Preparing financial statements from the adjusted trial balance The adjusted trial balance for Chiara Company as of December 31, 2008, follows.Required Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2008; (b) the statement of
Preparing adjusting and subsequent journal entries Natsu Co. records prepaid expenses in balance sheet accounts. Natsu’s annual accounting period ends on October 31, 2008. The following information concerns the adjusting entries that need to be recorded as of that date.a. The Office Supplies

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