Questions and Answers of Financial Accounting Information For Decisions

Use the information in Exercise 2-25 to prepare a December 31 balance sheet for Help Today. The ending Retained Earnings account balance as of December 31 is $4,470.Exercise 2-25Carmen Camry operates
Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month
Workfit posted transactions (a through f ) in the following T-accounts in December, its first month of operations. Prepare the six journal entries from which the postings were made.Use the T-accounts
In a recent year’s financial statements, Home Depot reported the following: Total liabilities = $38,633 million and Total assets = $42,966 million. (a) Compute Home Depot’s debt
Use information from Exercise 2-17 to prepare the general journal entries for Belle Co.’s first seven transactions.Exercise 2-17Fill in each of the following T-accounts for Belle Co.’s seven
The debt ratio for Deutsche Auto for each of the last three years follows. Over this three year period, did the company’s risk from financial leverage increase or decrease? Current Year 1 Year Ago
Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction numbers 1 through 7
Use the information in QS 2-14 to prepare a December 31 balance sheet for Lawson Consulting. The ending Retained Earnings account balance as of December 31 is $2,500.QS 2-14Lawson Consulting had the
1. Prepare general journal entries for the following transactions of Valdez Services.a. The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies.b. The company
Lawson Consulting had the following accounts and amounts on December 31. Prepare a December 31 trial balance. Cash $5,000 Accounts payable... $ 3,000 Services revenue $12,000 ........ ....- Accounts
For the following transactions of Spade Company, (1) Prepare general journal entries (2) Post entries to T-accounts and calculate the ending balance of each T-account. Use the following
Choose the term or phrase below that best completes each statement.a. Accountingb. Identifyingc. Recordingd. Communicatinge. Governmentalf. Artificial intelligenceg. Language of businessh.
Classify the following activities as part of the Identifying, Recording, or Communicating aspects of accounting.1. Analyzing and interpreting reports.2. Presenting financial information.3. Keeping a
Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of each transaction on individual items of the accounting equation.a. The company completed
On October 1, 2020, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and
Key financial figures for Apple’s two most recent fiscal years follow.Required1. What is the total amount of assets invested in Apple in the current year?2. What is Apple’s return on assets for
Identify the following users as either External users or Internal users.a. Customersb. Suppliersc. External auditorsd. Business presse. Managersf. District attorneyg. Shareholdersh. Lendersi.
The following financial statement information is from five separate companies.Required1. Answer the following questions about Company A.a. What is the amount of equity at the beginning of the year?b.
Key comparative figures for both Apple and Google follow.Required1. What is the total amount of assets invested for the current year in (a) Apple and (b) Google?2. What is the current-year return on
Refer to Apple’s financial statements in Appendix A. Assume that the owners, sometime during their first five years of business, desire to expand their computer product services to meet business
Identify the fraud triangle risk factor (Opportunity, Pressure, or Rationalization) in each situation.1. The business has no cameras or security devices at its warehouse.2. Managers are expected to
Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting.1. Internal auditing.2. External auditing.3. Cost
As of December 31 of the current year, Armani Company’s records show the following.RequiredPrepare the income statement for Armani Company for the current year ended December 31. Cash..... $10,000
As of December 31 of the current year, Audi Company’s records show the following.RequiredPrepare the income statement for Audi Company for the current year ended December 31. Cash.... $2,000
Samsung is a leading global manufacturer that competes with Apple and Google. Key financial figures for Samsung followRequired1. What is the return on assets for Samsung in the (a) current year and
Visit the EDGAR database at sec.gov/edgar/searchedgar/companysearch.html. Access the Form 10-K report of Rocky Mountain Chocolate Factory (ticker: RMCF) filed on May 15, 2018, covering its 2018
Identify each of the following as an accounting Principle, Assumption, or Constraint.1. Full disclosure 2. Time period 3. Going-concern 4. Revenue recognition
Match each of the descriptions with the term or phrase it best reflects. A. Ethics B. Fraud triangle C. Prevention D. Internal controlsE. Audit1. Examines whether financial
Refer to this chapter’s opening feature about Netflix. Assume that the owner decides to open a new company with an innovative mobile app devoted to microblogging for accountants and those learning
Determine whether each description best refers to a sole proprietorship, partnership, corporation, or limited liability company.a. Micah and Nancy own Financial Services, which pays a business income
Identify the accounting principle or assumption that best reflects each situation.1. A company reports details behind financial statements that would impact users’ decisions.2. Financial statements
a. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Co. believes he got a great deal and the truck is really worth $15,000.
Determine whether each of the following transactions increases or decreases equity.a. Owner invested cash in the company.b. Incurred maintenance expenses. c. Performed services for a client.d.
What are some accounting-related professions?
Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of each transaction on individual items of the accounting equation.a. The owner invested $15,000
Answer the following questions.a. On January 1, Lumia Company’s liabilities are $60,000 and its equity is $40,000. On January 3, Lumia purchases and installs solar panel assets costing $10,000. For
Coca-Cola and PepsiCo both produce and market beverages that are direct competitors. Key financial figures for these businesses for a recent year follow.Required1. Compute return on assets for (a)
On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Cash...... $ 5,100 Accounts payable... $6,000 Services revenue
Ming Chen started a business and had the following transactions in June. Create the following table similar to Exhibit 1.9 and use additions and subtractions to show the dollar effects of the
Shep Company’s records show the following information for the current year.Determine net income (loss) for each of the following separate situations.a. Additional common stock of $3,000 was issued
For each transaction, (a) Determine whether the transaction appears on the statement of cash flows under cash flows from operating activities, cash flows from investing activities, or cash flows
Use the following information to prepare a statement of cash flows for Studio One for the month ended December 31. The cash balance at the start of December 1 was $1,000. $ 2,000 Cash paid for
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the company’s
Return on assets for Deutsche Auto for each of the last three years follows. Over the three-year period shown, did the company’s return on assets improve or worsen? Current Year 1 Year Ago 2 Years
Use the information in Exercise 1-18 to prepare a December statement of cash flows for Ernst Consulting. Assume the following additional information.a. The owner’s initial investment consists of
Jarvis began operations on January 1, Year 1. In its first two years of operations, it reported the following at its December 31 year-end. Prepare the statement of retained earnings for (a) Year
Terrell Co. reported the following data at the end of its first year of operations on December 31. (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained
Mahomes Co. reported the following data at the end of its first year of operations on December 31.(a) Prepare its year-end statement of retained earnings. (b) Prepare its year-end balance sheet
Refer to Google’s financial statements in Appendix A near the end of the text. To what level of significance are dollar amounts rounded? What time period does its income statement cover?
Access the SEC EDGAR database (sec.gov/edgar) and retrieve Apple’s 2018 10-K (filed November 5, 2018). Identify its auditor. What responsibility does its independent auditor claim regarding
On October 1, 2020, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The
Refer to Apple’s financial statements in Appendix A for the following questions.Required1. What amount of total liabilities does Apple report for each of the fiscal years ended (a) September 29,
Identify the source document for NDX Company in each of the following accounting processes. a. A customer purchases merchandise with a credit card. NDX uses the electronic sales receipt to
Key comparative figures for Apple and Google follow.1. What is the debt ratio for Apple in the current year and for the prior year?2. What is the debt ratio for Google in the current year and for the
Access EDGAR online (sec.gov/edgar) and locate the 2018 10-K report of Amazon.com (ticker: AMZN) filed on February 1, 2019. Review its financial statements reported for years ended 2018, 2017, and
Key comparative figures for Apple, Google, and Samsung follow.Required1. Compute Samsung’s debt ratio for the current year and prior year.2. Did Samsung’s financial leverage increase or decrease
Assume that Katrina Lake of Stitch Fix plans to expand her business to accommodate more product lines. She is considering financing expansion in one of two ways:(1) Contributing more of her own funds
For each of the following, (1) Identify the account as an asset, liability, equity, revenue, or expense; (2) Identify the normal balance of the account; (3) Enter debit or credit to
Assume that Katrina Lake of Stitch Fix plans to expand her business to accommodate more product lines. She is considering financing expansion in one of two ways: (1) contributing more of her own
Prepare general journal entries for the following transactions of Sustain Company.June 1 T. James, owner, invested $11,000 cash in Sustain Company in exchange for common stock.2 The company purchased
Prepare compound journal entries for each transaction.a. The owner invests $6,500 cash and $3,500 of equipment in the company in exchange for common stock.b. The company acquires $2,000 of supplies
Solve each of the following equations.a. 2n+1 = 32b. 42n = 256c. 2n+2 = 128d. 32n+1 = 27e. 2n-1 = 1/4f. 23n+2 = 1/128g. 5n+1 = 1/125h. 5x2-16 = 1
Given thatevaluate a, b and c. (36x)? = 2° 3 x, 8x x 3x
Rationalise the denominators and simplify.a.b.c.d.e.f.g.h. 2 - V3 2 + V3
Solve each of the following equations.a. 2x = 43b. 32x-1 = 27xc. 53x-7 = 252xd. 3x = 9x+5e. 43x+4 = 84x+12f. 252x+1 = 1253x+2g.h.i.j. 5x2+3 = 252xk. 3x2-4 = 27xl. 92x2 -2 -8x = 0 = 64
Solve these equations.a. 10√x - 4 = 7√x + 6b. 6√x + 4 = 9√x + 3c. 7√x + 9 = 10√x + 10d.e.f.g.h.i. V2x-1-3= 0
a. Show that x – 1 is a factor of 2x3 – x2 – 2x + 1.b. Hence factorise 2x3 – x2 – 2x + 1 completely.
Solve the equation 362y-5/63y = 62y-1/216y+6.
x + a is a factor of x3 + 8x2 + 4ax – 3a.a. Show that a3 – 4a2 + 3a = 0.b. Find the possible values of a.
F(x) is cubic polynomial where the coefficient of x3 is 2.Find f(x) when the roots of f(x) = 0 area. – 0.5, 2 and 4b. 0.5, 1 and 2c. – 1.5, 1 and 5.
F(x) = x3 – 5x2 + ax + bF(x) has a factor of x – 2.a. Express b in terms of a.b. When f(x) is divided by x + 1, the remainder is -9.Find the value of a and of b.
F(x) is cubic polynomial where the coefficient of x3 is 1.The roots of f(x) = 0 are – 3, 1 + √2 and 1 - √2.Express f(x) as a cubic polynomial is x with integer coefficients.
F(x) = x3 + ax2 + bx + cThe roots of f(x) = 0 are 2, 3, and k.When f(x) is divided by x – 1, the remainder is - 8.a. Find the value of k.b. Find the remainder when f(x) is divided by x + 1.
F(x) is cubic polynomial where the coefficient of x3 is 2.The roots of f(x) = 0 are ½, 2 + √3 and 2 - √3.Express f(x) as a cubic polynomial is x with integer coefficients.
F(x) = 4x3 + ax2 + 13x + bF(x) has a factor of 2x – 1 and leaves a remainder of 21 when divided by x – 2.a. Find the value of a and of b.b. Find the remainder when the expression is divided by x
2x + 3 is a factor of 2x4 + (a2 + 1)x3 – 3x2 + (1 – a3)x + 3.a. Show that 4a3 – 9a2 + 4 = 0.b. Find the possible values of a.
F(x) = x3 – 8x2 + kx – 20When f(x) is divided by x – 1, the remainder is R.When f(x) is divided by x – 2, the remainder is 4 R.Find the value of k.
F(x) = x3 + 2x2 – 6x + 9When f(x) is divided by x + a, the remainder is R.When f(x) is divided by x – a, the remainder is 2 R.a. Show that 3a3 – 2a2 – 18a – 9 = 0.b. Solve the equation in
F(x) = x3 + 6x2 + kx – 15When f(x) is divided by x – 1, the remainder is R.When f(x) is divided by x + 4, the remainder is - R.a. Find the value of k.b. Hence find the remainder when the
P(x) = 5(x – 1) (x – 2) (x – 3) + a(x – 1) (x – 2) + b(x – 1) + cIt is given that when P(x) is divided by each of x – 1, x -2 and x – 3 the remainders are 7, 2 and 1 respectively.
F(x) = x3 + ax2 + bx + cThe roots of f(x) = 0 are 1, k, and k + 1.When f(x) is divided by x – 2, the remainder is 20.a. Show that k2 – 3k – 18 = 0.b. Hence find the possible values of k.
F(x) = ax3 + bx2 + 5x – 2When f(x) is divided by x – 1, the remainder is 6.When f(x) is divided by 2x + 1, the remainder is -6.Find the value of a and of b.
F(x) is cubic polynomial where the coefficient of x3 is 1.Find f(x) when the roots of f(x) = 0 area. – 2, 1 and 5b. -5, -2 and 4c. – 3, 0 and 2.
x – 3 and 2x – 1 are factors of 2x3 – px2 – 2qx + q.a. Find the value of p and the value of q.b. Explain why x + 3 is also a factor of the expression.
The polynomial f(x) = ax3 + 7x2 – 9x + b is divisible by 2x – 1. The remainder when f(x) is divided by x – 2 is 5 times the remainder when f(x) is divided by x + 1.i. Show that a = 6 and find
F(x) = 2x3 + (a + 1)x2 – ax + bWhen f(x) is divided by x – 1, the remainder is 5.When f(x) is divided by x – 2, the remainder is 14.Show that a = - 4 and find the value of b.
a. Show that x – 2 is a factor of x3 – x2 – x – 2.b. Hence show that x3 – x2 – x – 2 = 0 has only one real root and state the value of this root.
x – 2 is a common factor of 3x3 – (a – b) x – 8 and x3 – (a + b) x + 30. Find the value of a and the value of b.
The expression x3 + ax2 – 15x + b has a factor of x – 2 and leaves a remainder 75 when divided by x + 3. Find x + 3. Find the value of a and of b.
F(x) = 4x3 + 8x2 + ax + bF(x) has a factor of 2x – 1 and leaves a remainder of 48 when divided by x – 2.a. Find the value of a and of b.b. Find the remainder when f(x) is divided by x -1.
Solve the equation x3 + 8x2 + 12x = 9.Write your answer correct to 2 decimal places where necessary.
It is given that x2 + 5x + 6 and x3 – 6x2 + 11x + a have a common factor. Find the possible value of a.
Factorise completely the expression 2x3 – 11x2 – 20x – 7.
F(x) = x3 – 2x2 + ax + bF(x) has a factor of x – 3 and leaves a remainder of 15 when divided by x + 2.a. Find the value of a and of b.b. Solve the equation f(x) = 0.
Solve the equation 2x3 + 9x2 – 14x – 9 = 0.Express roots in the form a ± b√c, where necessary.
Find the value of a and the value of b in each of the following.a. x2 + 3x – 10 is a factor of x3 + ax2 + bx + 30.b. 2x2 – 11x + 5 is a factor of ax3 – 17x2 + bx – 15.c. 4x2 – 4x – 15 is
a. Divide x4 – 1 by (x + 1).b. Divide x3 – 8 by (x – 2).
If f(x) = 2x2 – x – 4 and g(x) = x2 + 5x + 2, find an expression fora. f(x) + xg(x)b. [f(x)]2c. f2(x)d. gf(x).
The expression x3 + 8x2 + px – 25 leaves a remainder of R when divided by x – 1 and a remainder of – R when divided by x + 2.a. Find the value of p.b. Hence find the remainder when the
F(x) = x3 + ax2 + 11x + bF(x) has a factor of x – 2 and leaves a remainder of 24 when divided by x – 5. Find the value of a and of b.

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