Questions and Answers of Corporate Financial Accounting 16th edition

Target Corporation (TGT) is one of the largest retailers in the United States. Target operates over 1,800 stores that sell a wide assortment of merchandise, including a variety of grocery
Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March:1. Received cash in exchange for common stock,
Walmart Inc. (WMT), a major competitor to Target Corporation (TGT) in the retail business, operates over 11,000 stores. Walmart recently reported the following end-of-year balance sheet data (in
The revenues and expenses of A-One Travel Service for the year ended August 31, 20Y6, follow:Prepare an income statement for the year ended August 31, 20Y6. Fees earned $1,150,000 Office
The total assets and total liabilities (in millions) of The Kroger Company (KR) and The Procter & Gamble Company (PG) follow:Determine the stockholders’ equity of each company.
Using your answers for Target Corporation (TGT) in MAD 1-2 and Walmart Inc. (WMT) in MAD 1-3, compare and interpret Target’s ratio of liabilities to stockholders’ equity to that of Walmart.MAD
Using the income statement for A-One Travel Service from Basic Exercise 1-4, prepare a statement of stockholders’ equity for the year ended August 31, 20Y6. Kate Duffner invested an additional
The total assets and total liabilities (in millions) of Dollar Tree Inc. (DLTR) and Target Corporation (TGT) follow:Determine the stockholders’ equity of each company. Dollar
The following total liabilities and stockholders’ equity information (in millions) is provided for The Wendy’s Company (WEN) and Chipotle Mexican Grill, Inc. (CMG) at the end of a recent
Using the following data for A-One Travel Service as well as the statement of stockholders’ equity from Basic Exercise 1-5, prepare a balance sheet as of August 31, 20Y6:Basic Exercise 1-5Statement
Determine the missing amount for each of the following: + Stockholders' Equity $875,000 Assets Liabilities a. X $1,200,000 + b. $3,860,000 C $71,850,000 X $900,000 $59,100,000 + X
The financial statements at the end of Atlas Realty’s first month of operations follow:InstructionsBy analyzing the interrelationships among the four financial statements, determine the proper
A summary of cash flows for A-One Travel Service for the year ended August 31, 20Y6, follows:The cash balance as of September 1, 20Y5, was $59,500.Prepare a statement of cash flows for A-One Travel
Captivating Inc. is a motivational consulting business. At the end of its accounting period, May 31, 20Y2, Captivating Inc. has assets of $2,450,000 and liabilities of $1,180,000. Using the
a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) Assets, (2) Liabilities, and (3)
The following selected transactions were completed by Cota Delivery Service during July:1. Received cash in exchange for common stock, $50,000.2. Purchased supplies for cash, $1,800.3. Paid rent for
Erin Murdoch, an architect, organized Modern Architects on January 1, 20Y4. During the month, Modern Architects completed the following transactions:a. Issued common stock to Erin Murdoch in exchange
Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon’s income statements for two recent years follow:a. Prepare a horizontal analysis of the income statements.
Journalize the entry for the purchase of office supplies on February 13 for $3,175, paying $1,000 cash and the remainder on account.
Chipotle Mexican Grill, Inc. (CMG) is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotle’s income statements for the end of two recent years are as
Journalize the entry on October 19 for cash received for services rendered, $8,774.
Vera Bradley, Inc. (VRA) is a leading designer, producer, and retailer of fashion handbags, accessories, and travel items for women. Income statements for two recent years for Vera Bradley are as
Journalize the payment of dividends on May 20 for $75,000.
The following data (in millions) are taken from the financial statements of Walmart Inc. (WMT):a. For Walmart, determine the amount of change in millions and the percent of change rounded to one
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
The following errors took place in journalizing and posting transactions:a. The receipt of $10,700 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.b.
Birdy Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent
The following selected transactions were completed during October of the current year:1. Billed customers for fees earned, $88,500.2. Purchased supplies on account, $3,000.3. Received cash from
Crazy Mountain Tours Co. is a travel agency. The nine transactions recorded by Crazy Mountain Tours during May 20Y2, its first month of operations, are indicated in the following T accounts:Indicate
The following errors took place in journalizing and posting transactions:a. Insurance of $12,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid
The following errors took place in journalizing and posting transactions:a. Cash of $7,550 received on account was recorded as a debit to Fees Earned and a credit to Cash.b. A $1,350 purchase of
On October 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Bickle Realty:• The supplies account balance on October 31 is $8,125. The supplies
Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon’s income statements through operating income for two recent years are as follows (in millions):a. Prepare a
The following accounts were taken from the unadjusted trial balance of Wagner Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If
Netflix, Inc. (NFLX) provides Internet streaming services featuring TV series, documentaries, and films throughout the world. Netflix’s income statements through operating income for two recent
At the end of the current year, $6,750 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
At the end of the current year, $17,950 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance on November 30, 20Y3:For preparing the adjusting entries, the following data were
World Wrestling Entertainment, Inc. (WWE) is a sports media and entertainment company primarily focused on professional wrestling. WWE’s income statements through operating income for two recent
Chipotle Mexican Grill, Inc. (CMG) is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotle’s income statements through operating income for two recent years
City Realty Co. pays weekly salaries of $34,500 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming
On June 1, 20Y2, Monarch Co. received $9,000 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2.
Martin Editing Company is a small editorial services company owned and operated by Andrew Martin. On August 31, 20Y1, the end of the current year, Martin Editing Company’s accounting clerk prepared
Stenberg Realty Co. pays weekly salaries of $18,500 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that

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