Questions and Answers of Essentials Of Accounting For Governmental

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y3, the end of the fiscal year, the accountant for The Gorman Group prepared an
In teams, select two public companies of different industries that interest you. Obtain each company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required
Cyrus Bautista owns and operates Gemini Advertising Services. On January 1, 20Y3, Cyrus Bautista, Capital had a balance of $471,900. During the year, Cyrus invested an additional $72,000 and withdrew
Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 20Y3:White a brief memo to Daniel explaining
The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows:The data needed to determine year-end adjustments are as follows:a. Wages accrued but not paid
The unadjusted trial balance of Epicenter Laundry at June 30, 20Y3, the end of the fiscal year, follows:The data needed to determine year-end adjustments are as follows:a. Laundry supplies on hand at
Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5:Based on the preceding spreadsheet,
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 20Y5, the end of the current year, the accountant for Good Note prepared the
At the end of the current year, $59,500 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
annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and Exchange Commission (SEC). It includes the company’s financial statements and
Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations:For preparing the adjusting entries,
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:For preparing the adjusting entries, the
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $676 million. The income before taxes for Campbell for the year was $272 million.a. Assume the
Daryl Kirby opened Squid Realty Co. on January 1, 20Y7. At the end of the first year, the business needed additional capital. On behalf of Squid Realty Co., Daryl applied to Ocean National Bank for a
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:• The supplies account balance on December 31 is $1,585. The supplies on hand on
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $5,675 million. For the same period, Costco reported income before income taxes of $5,675 million.
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows:The data needed to determine adjustments are as follows:• During July, PS Music provided
The following data (in millions) are taken from the financial statements of Target Corporation:a. For Target Corporation, determine the amount of change in millions and the percent of change (round
The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance:When the ledger and other records are reviewed, you discover the following: (1) the debits
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts
The accounts in the ledger of Hickory Furniture Company as of December 31, 20Y6, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:Indicate
The following errors took place in journalizing and posting transactions:a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent
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
a. During February, $194,500 was paid to creditors on account, and purchases on account were $210,400. Assuming that the February 28 balance of Accounts Payable was $62,500, determine the account
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
On August 1, the supplies account balance was $1,240. During August, supplies of $3,760 were purchased, and $1,600 of supplies were on hand as of August 31. Determine supplies expense for August.
Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner’s equity, revenue,
On July 1, the cash account balance was $42,830. During July, cash payments totaled $115,860 and the July 31 balance was $33,850. Determine the cash receipts during July.
On September 18, 20Y4, Afton Company purchased $8,710 of supplies on account. In Afton Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No.
Cory Neece is planning to manage and operate Eagle Caddy Service at Canyon Lake Golf and Country Club during June through August 20Y9. Cory will rent a small maintenance building from the country
Two income statements for Satterfield Company follow:Prepare a horizontal analysis of Satterfield Company’s income statements. Satterfield Company Income Statements For the Years Ended December 31
Based upon the data presented in Exercise 2-13, (a) Prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine
Two income statements for Vaughn Company follow:Prepare a horizontal analysis of Vaughn Company’s income statements. Vaughn Company Income Statements For the Years Ended December 31 20Υ1 20Υ0
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.
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.Data from T accounts in Exercise
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned;
Prepare a journal entry on December 23 for the withdrawal of $27,000 by Graeme Schneider for personal use.
Prepare a journal entry on August 13 for cash received for services rendered, $7,480.
Tech Support Services has the following unadjusted trial balance as of January 31, 20Y8:The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial
Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 20Y7, follows:The following business transactions were completed by
Prepare a journal entry on April 30 for fees earned on account, $12,980.
During the month, Midwest Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b)
The Colby Group has the following unadjusted trial balance as of August 31, 20Y8:The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account.
On August 1, 20Y5, Rafael Masey established Planet Realty, which completed the following transactions during the month:a. Rafael Masey transferred cash from a personal bank account to an account to
On January 1, 20Y4, Fahad Ali established Tri-City Realty, which completed the following transactions during the month:a. Sharon Matthews transferred cash from a personal bank account to an account
The transactions completed by PS Music during June 20Y9 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business’s
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y7, follows:The following business transactions were completed by
On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred
Prepare a journal entry for the purchase of office supplies on September 30 for $1,900, paying $600 cash and the remainder on account.
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance
On February 3, Boulder Repair Service extended an offer of $566,000 for land that had been priced for sale at $629,000. On February 28, Boulder Repair Service accepted the seller’s counteroffer of
Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a
Ken Jones, an architect, opened an office on April 1, 20Y4. During the month, he completed the following transactions connected with his professional practice:a. Transferred cash from a personal bank
The following is a list of well-known companies:1. Alcoa Inc.2. Boeing3. Caterpillar4. Citigroup Inc.5. CVS6. Delta Air Lines7. eBay Inc.8. FedEx9. Ford Motor Company10. Gap Inc.11. H&R Block12.
On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:a. Opened a business bank account with a deposit of
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put
On March 31, Clementine Repair Service extended an offer of $350,000 for land that had been priced for sale at $388,000. On April 15, Clementine Repair Service accepted the seller’s counteroffer of
A fertilizer manufacturing company wants to relocate to Lakeside County. A report from a fired researcher at the company indicates the company’s product is releasing toxic by-products. The company
The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner,
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of Harper Borg, owner, was
Patrick miller is the owner and operator of Chicoope LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Chicoope has assets of $518,000 and liabilities
Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after
Jose Loder established Bronco Consulting on August 1, 20Y2. The effect of each transaction and the balances after each transaction for August follow:Instructions1. Prepare an income statement for the
Pauline Emm is the owner and operator of Power Thoughts, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Be-The-One has assets of $382,000 and liabilities
The total assets and total liabilities (in millions) of Dunkin Brands Group and Starbucks Corporation follow:Determine the owners’ equity of each company. Dunkin Brands Group $3,457 Starbucks
On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank account with a deposit of $25,000 from personal
On April 1, 20Y7, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $24,000 from personal
Peachtree Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Peachtree Delivery Service during February:1. Received cash from owner as
The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow:Determine the owners’ equity of each company. Dollar Tree Target $41,290 Assets $13,501
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by
Gross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Gross Country Delivery Service during May:1. Received cash from owner as
Determine the missing amount for each of the following: = Owner's Equity $3,841,000 Assets Llabilities a. X $633,000 b. $6,124,500 = $5,737,000 C. $1,981,800 $748,900
Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $659,000 and liabilities of $165,000.
A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) Incur a net loss (b) Realize net income?
The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow:Fees earned .......................................... $899,600 Office expense
Using the income statement for Up-in-the-air Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the year ended April 30, 20Y7. Jerome Foley, the owner,
The revenues and expenses of Up-in-the-air Travel Service for the year ended April 30, 20Y7, follow:Prepare an income statement for the year ended April 30, 20Y7. Fees carned $1,870,000 Office
The financial statements at the end of Wolverine Realty’s first month of operations are as follows:InstructionsBy analyzing the interrelationships among the four financial statements, determine the
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 Ethos Consulting Group for the year ended May 31, 20Y6, follows:Cash receipts:Cash received from customers ....................................................
Financial information related to Pegasus Products Company, a proprietorship, for the month ended April 30, 20Y7, is as follows:Net income for April
Using the income statement for Zenith Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an
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) owner’s equity?b.
Using the following data for Up-in-the-air Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April 30, 20Y7:Data
Using the following data for Sentinel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5B, prepare a report form balance sheet as of August 31, 20Y4:Data from
Using the following data for Zenith Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5B, prepare a report form balance sheet as of August 31, 20Y4:Data from
A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) Incur a net loss or (b) Realize net income?
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity:1. Cash
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:Determine the missing amounts, identifying them by
Dairy Services was organized on August 1, 20Y2. A summary of the revenue and expense transactions for August follows:Fees earned ..................................... $627,600Wages expense
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.Data from Exercise 1-16,From the following list of selected items taken from the records
From the following list of selected items taken from the records of Rosewood Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Payable2.
The following data were taken from McClean Company’s balance sheet:a. Compute the ratio of liabilities to owner’s equity.b. Has the creditor’s risk increased or decreased from December 31,
Four different proprietorships, Dakota, Jersey, Carolina, and Iowa, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are
A summary of cash flows for Up-in-the Travel Service for the year ended April 30, 20Y7, follows:The cash balance as of May 1, 20Y6, was $175,000. Prepare a statement of cash flows for Adventure
Financial information related to the proprietorship of Rockwell Interiors for February and March 20Y0 is as follows:a. Prepare balance sheets for Ebony Interiors as of February 29 and March 31,
The Home Depot is the world’s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,200 Home Depot®

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