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College Accounting
Using the worksheet in Chapter 11 for Smith Computer Center, journalize and post the adjusting entries and prepare the financial statements.Worksheet From Chapter 11:
From the worksheet in Exercise 12B-3, prepare the assets section of a classified balance sheet.Exercise 12B-3:From the partial worksheet in Figure 12.12, journalize the closing entries for December
From the worksheet in Exercise 12B-3, prepare the assets section of a classified balance sheet.Exercise 12B-3:From the partial worksheet in Figure 12.12, journalize the closing entries for December
From the worksheet in Exercise 12A-3, prepare the assets section of a classified balance sheet.Exercise 12A-3:From the partial worksheet in Figure 12.11, journalize the closing entries for December
The first 6 months of the year have concluded for Smith Computer Center, and Thad wants to make the necessary adjustments to his accounts to prepare accurate financial statements.AssignmentTo prepare
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 is the cost of goods sold in 2013?
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Jack’s Wholesale Clothing Company.Additional Dataa./b. Ending merchandise inventory on December 31, $5,200.c.
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Jack’s Wholesale Clothing Company.Additional Dataa./b. Ending merchandise inventory on December 31, $5,200.c.
Based on the following accounts, calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income.
Jim Heary is the custodian of petty cash. Jim, who is short of personal cash, decided to pay his home electrical and phone bills from petty cash. He plans to pay it back next month. Do you feel Jim
What is the purpose of an inventory sheet?
In a periodic system of inventory, the balance of beginning inventory will remain unchanged during the period. True or false?
What is the function of the Purchases account?
Andrea Richardson opened Andrea’s Toy House. As her newly hired accountant, your tasks are to do the following:1. Journalize the transactions for the month of December. Andrea uses special journals
Marion’s Natural Food Store uses a purchases journal and a general journal to record the following transactions. The balances as of March 1 for the accounts payable subsidiary ledger are Alden Co.,
Alison Murphy recently opened Tennis.com. Alison uses a purchases journal to record purchases on account. As the bookkeeper of her company, please journalize, record, and post when appropriate the
The following transactions of David’s Auto Supply occurred in June. David uses a sales journal to record sales on account. The balances as of June 1 for the accounts receivable subsidiary ledger
Jackie Red opened Yummy.com, a wholesale grocery and pizza company. Since Jackie only sells to retailers, she does not have to charge sales tax to her customers. Jackie uses a sales journal for sales
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access th Kellogg’s 2013 Annual Report, and locate the balance sheet. How much has merchandise inventory increased or
From Exercise 10B-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account.Exercise 10B-3:
From Exercise 10A-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account.Exercise 10A-3:
Journalize, record, and post when appropriate the following transactions into the general journal (p. 2) for Jacob’s Clothing. All purchases discounts are 7/10, n/30. Assume the periodic inventory
Calculate Net Purchases from the following: Purchases, $27; Purchases Returns and Allowances, $9; Purchases Discounts, $5.
What new account is used in a perpetual system compared to the periodic system?
What is the relationship between a purchase requisition and a purchase order?
What is a contra-cost?
What is the normal balance of Purchases Discount?
Explain how net purchases is calculated.
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and see how Kellogg’s records revenue. You will find this information in Note 1.
Match the following activities to the three business transactions (more than one number can be used).1. Record to the accounts receivable subsidiary ledger.2. Journalize the transaction.3. Post to
Given the following, calculate net sales:
When a seller issues a credit memorandum (assume no sales tax), what accounts will be affected?
What is the normal balance of Sales Discount?
In preparing for next year, on December 1, Thad Feldman hired two hourly employees to assist with some troubleshooting and repair work.More information:Dec. 7 Paid employee wages: Lance Kumm, 38
Using the information from Problem 8B-3, please complete Form 940 for Turner’s Sporting Goods for the current year. Additional information needed to complete the form is as follows:a. State
Using the information from Problem 8A-3, please complete Form 940 for Allen’s Sporting Goods for the current year. Additional information needed to complete the form is as follows:a. State
In December 200B, Glenda is trying to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following
In December 200B, Glenda tries to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. Look at Notes to Consolidated Financial Statements and use information from Note 17
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows:1. On December 5, 201X, prepare a payroll register for this biweekly payroll.2.
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows:1. On December 5, 201X, prepare a payroll register for this biweekly payroll.2.
Refer to Exercise 7B-3 and assume that the state changed New’s SUTA tax rate to 3.8%. What effect would this change have on the total payroll tax expense?Exercise 7B-3:From the following
Refer to Exercise 7A-3 and assume that the state changed Driving Company’s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense?Exercise 7A-3:From the
Match the following:1. Total gross pay2. A deduction3. Net paya. _____ Office Salary Expenseb. _____ FICA OASDIc. _____ FICA Medicared. _____ Federal Income Taxe. _____ Medical Insurancef. _____
Explain how to calculate overtime pay.
The books have been closed for the first year of business for Smith Computer Center. The company ended up with a marginal profit for the first three months in operation. Thad expects faster growth as
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. How often do you think Kellogg’s reconciles its bank statement? What type of
Which of the transactions in Exercise 1 would require a journal entry?Exercise 1:Indicate what effect (#1–4) each situation (#a–f) will have on the bank reconciliation process._____ a. Check no.
Why do adjustments to the checkbook balance in the reconciliation process need to be journalized?
Why do adjustments to the checkbook balance in the reconciliation process need to be journalized?
An NSF check results in a bank issuing the depositor a credit memorandum. Agree or disagree? Please explain your response.
An NSF check results in a bank issuing the depositor a credit memorandum. Agree or disagree? Please explain your response.
Why are outstanding checks subtracted from the bank balance?
Why should check stubs be filled out first, before the check itself is written?
Discuss how smartphone apps are making banking more mobile.
This comprehensive review problem requires you to complete the accounting cycle for Sousa Realty twice. This practice set allows you to review Chapters 1-5 while reinforcing the relationships between
Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report and find out what the fiscal year is for Kellogg’s Company.
As the bookkeeper of Palmer’s Plowing, you have been asked to complete the entire accounting cycle for Palmer from the following information.Use the following chart of accounts.Adjustment Dataa.
Consider the data in Figure 5.25 for Deb’s Dance Studio:Figure 5.25:Adjustment Dataa. Insurance expired, $500.b. Dance supplies on hand, $400.c. Depreciation on dance equipment, $1,200.d. Salaries
Consider the data in Figure 5.23 for Drew’s Dance Studio:Figure 5.23:Adjustment Dataa. Insurance expired, $400.b. Dance supplies on hand, $800.c. Depreciation on dance equipment, $1,500.d. Salaries
Draw a T account of Income Summary and post to it all entries from Question 3 that affect it. Is Income Summary a temporary or permanent account?Entries From Question 3:
Why must adjusting entries be journalized even though the formal statements have already been prepared?
At the end of September, Thad took a complete inventory of his supplies and found the following:3 dozen 1/4" screws at a cost of $5.00 a dozen6 dozen 1/2" screws at a cost of $10.00 a dozen5 cartons
Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report, and look at how Kellogg’s depreciates its equipment. How is the equipment
The trial balance for Don’s Repair Service appears in Figure 4.28.Adjustment Data to Update Trial Balancea. Insurance expired, $400.b. Repair supplies on hand, $2,900.c. Depreciation on repair
Update the trial balance for Kyle’s Moving Co. (Figure 4.27 on page 142) for October 31, 201X.Adjustment Data to Update Trial Balancea. Insurance expired, $600.b. Moving supplies on hand, $800.c.
Use the following adjustment data on December 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.25).a. Fitness supplies on hand, $600.b. Depreciation taken on fitness
The trial balance for Damon’s Repair Service appears in Figure 4.24. Adjustment Data to Update Trial Balancea. Insurance expired, $600.b. Repair supplies on hand, $2,400.c. Depreciation on repair
Update the trial balance for Kent’s Moving Co. (Figure 4.23 on page 140) for December 31, 201X.Adjustment Data to Update Trial Balancea. Insurance expired, $200.b. Moving supplies on hand,
Use the following adjustment data on August 31 to complete a partial worksheet up to the adjusted trial balance (see Figure 4.21).a. Fitness supplies on hand, $3,900.b. Depreciation taken on fitness
From the completed worksheet in Exercise 4B-4, preparea. an income statement for Marchb. a statement of owner’s equity for March.c. a balance sheet as of March 31, 201X.Worksheet From Exercise 4B-4:
From the completed worksheet in Exercise 4A-4, preparea. an income statement for January.b. a statement of owner’s equity for January.c. a balance sheet as of January 31, 201X.Worksheet From
From the following balance sheet (Figure 4.18, which was made from the worksheet and other financial statements), explain why the lettered numbers were not found on the worksheet.Figure 4.18:
Define the term accrued salaries.
Each month Accumulated Depreciation grows while Equipment goes up. Agree or disagree? Defend your position.
Thad’s computer center’s business is picking up, so he has decided to expand his bookkeeping system to a general journal/ledger system. The balances from August have been forwarded to the ledger
On June 1, 201X, a telephone expense for $250 was debited to Repair Expense. On June 10, 201X, this error was found. Prepare the corrected journal entry. When would a correcting entry not be needed?
Provide the explanation for each of the general journal entries in Figure 3.29.Figure 3.29:
Discuss the concept of cross-referencing.
Posting means updating the journal. Agree or disagree? Please comment.
An accounting period is based on the balance sheet. Agree or disagree and defend your position.
Why are there no debit or credit columns on financial statements?
Complete the following table:
Identify which of the following are not assets.a. Sony DVD Player ______b. Accounts Receivable ______c. Accounts Payable ______d. Grooming Fees Earned ______
From the following, which are subdivisions of owner’s equity?a. Smartphone ______b. J. Penny, Capital ______c. Accounts Payable ______d. J. Penny, Withdrawals ______e. Accounts Receivable ______f.
Identify which transaction results in a shift in assets (S) and which transaction causes an increase in assets (I).a. Target bought computer equipment on account.b. Macy’s bought office equipment
Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).a. iPad _________b. Accounts Receivable _________c. Accounts Payable _________d. Smartphone
The statement of owner’s equity only calculates ending withdrawals. True or false? Please explain.
As expenses increase they cause owner’s equity to increase. Defend or reject.
A balance sheet tells a company where it is going and how well it performs. True or false? Please explain.
Define capital.
List the three elements of the basic accounting equation.
What are the functions of accounting?
Identify the name and purpose of the four special journals discussed in the chapter. What are the advantages of using special journals rather than using only a general journal?
Vanida Company understated its 2022 ending inventory by $27,000. Determine the impact this error has on ending inventory, cost of goods sold, and owner’s equity in 2022 and 2023.
Warnke Stores has 20 toasters on hand at the balance sheet date. Each costs $27. The net realizable value is $30 per unit. Under the lower-of cost-or-net realizable value basis of accounting for
Sayaovang Company discovers in 2023 that its ending inventory at December 31, 2022, was $7,000 understated. What effect will this error have on(a) 2022 net income,(b) 2023 net income,(c) The combined
Melody Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Instructions Compute cost of goods sold and
Financial statement information about four different companies is as follows. Instructionsa. Determine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Owner’s
QuickBooks™ is an accounting software that is very popular among small businesses.InstructionsDownload a free trial of QuickBooks™ and explore its capabilities and features.
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