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Questions and Answers of Financial Accounting

The adjusted trial balance for Chef on Demand Catering, Inc., is presented below. Prepare the income statement and statement of retained earnings for Chef on Demand Catering, Inc., for the month
1. Prepare Ramirez Electrical, Inc.?s closing entries using the following selected accounts at November 30, 2018: 2. What is Ramirez Electrical, Inc.?s ending Retained Earnings balance at November
From the following accounts of Classy Restorations, Inc., prepare the business?s statement of retained earnings for the year ended November 30, 2018: Retained Earnings 125,000 Dec 1 87,000 Clo
The trial balance of A-1 Web Design, Inc., at June 30, 2018, and the data needed for the month-end adjustments follow: a. Insurance coverage still remaining at June 30, $575 b. Supplies used during
The adjusted trial balance for Bayside Realty, Inc., at November 30, 2018, follows: Requirements 1. Prepare Bayside Realty?s income statement and statement of retained earnings for the year ended
McGuire Construction, Inc., completed the following transactions during September 2018, its first month of operations:Sep 2 Sold $50,000 of common stock to Joseph McGuire to start the construction
This exercise is the first exercise in a sequence that begins an accounting cycle. The cycle is continued in Chapter 2 and completed in Chapter 3. Sensations Salon, Inc., was opened by Sharmaine
This problem is the first problem in a sequence that begins an accounting cycle. The cycle is continued in Chapter 2 and completed in Chapter 3. Adam Mazella recently left his job to open his own gym
Let’s look at Dick’s Sporting Goods (Dick’s), the largest retailer of sporting goods in the United States. Think about Dick’s, all its stakeholders, what products it sells, and how and where
To help familiarize you with the financial reporting of a real company to further your understanding of the chapter material you are learning.Each chapter will have a financial statement case that
To help you understand and compare the performance of two companies in the same industry.Go to the Columbia Sportswear Company Annual Report located in Appendix A and find the Consolidated Balance
Jack Sanders owns and operates Jack’s Java Coffee Shop. He proposes to account for the shop’s assets at their current market value in order to have current amounts on the balance sheet. Which
To help you understand the importance of cash flows in the operation of a small business. Think about operating a business like the Millers did when they created the Bold City Brewery. Your business
What is the fundamental accounting equation? Define each of the components of this equation.
Determine the missing amounts in the following accounting equations. Liabilities Stockholders' Equity Assets Hanson Corp. Tiny Tots Daycare Inc. Intermountain Inc. $44,900 $10,300 $ 97,000 $39,000
Bergmann’s Deli had $142,000 of total assets and $87,000 of total stockholders’ equity at December 31, 2018. At December 31, 2019, Bergmann’s Deli had assets totaling $163,000 and
Tim’s Tee Shirts started business in 2018 with total assets of $40,000 and total liabilities of $26,000. At the end of 2018, Tim’s Tee Shirts total assets were $53,000 and total liabilities were
The balance sheet data for Angel?s Countertops, Inc., at August 31, 2018, and September 30, 2018, follow: Requirement The following are three independent assumptions about the business during
The following are the balances of the assets, liabilities, and equity of Fitness Fanatics at March 31, 2018: Requirements 1. What type of business organization is Fitness Fanatics? 2. Prepare the
Selected accounts of Annis Consulting, Inc., a financial services business, have the following balances at December 31, 2018, the end of its first year of operations. During the year, Laura Annis,
Presented here is information for Anderson Sign, Inc., for the year ended August 31, 2018. Requirements 1. What is the beginning stockholders? equity of Anderson Sign, Inc.? 2. What is the ending
Determine the missing amounts in the following accounting equations. Stockholders' Equity Liabilities Assets Lundy Plumbing, Corp. Sanchez Hardware, Inc. Cutter & Son Cleaners, Inc. $50,500 $13,300
Amicho Deli had $94,000 of total assets and $10,000 of total stockholders’ equity at July 31, 2018. At July 31, 2019, Amicho Deli had assets totaling $151,000 and stockholders’ equity totaling
Tony’s Advertising started a business in 2018 with total assets of $50,000 and total liabilities of $18,000. At the end of 2018, Tony’s Advertising’s total assets were $39,000 and total
The balance sheet data for Bell Computers, Inc., at August 31, 2018, and September 30, 2018, follow: Requirement 1. The following are three independent assumptions about the business during
The following are the balances of the assets, liabilities, and equity of Jerome?s Coffee Shop at March 31, 2018: Requirements 1. What type of business organization is Jerome?s Coffee Shop? 2.
Selected accounts of Andover Consulting, Inc., a financial services business, have the following balances at December 31, 2018, the end of its first year of operations. During the year, Lynne
Presented here is information for Eliason, Inc., for the year ended August 31, 2018. Requirements 1. What is the beginning stockholders? equity of Eliason, Inc.? 2. What is the ending stockholders?
Dori Cruz started an interior design company called Interiors by Design, Inc., on April 1, 2018. The following amounts summarize the financial position of her business on April 14, 2018, after the
Resto Motors, Inc., restores antique automobiles. The retained earnings balance of the corporation was $22,400 at December 31, 2017. During 2018, the corporation paid $85,000 in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders? Equity, Revenues, and Expenses of Extreme Sports, Inc., at October 31, 2018. The items are listed in alphabetical order. The
The IT manager of Valley Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that the
Breanna Baxter started an interior design company called Interiors on Demand, Inc., on June 1, 2018. The following amounts summarize the financial position of her business on June 14, 2018, after the
Classic Cars, Inc., restores antique automobiles. The retained earnings balance of the corporation was $22,300 at December 31, 2017. During 2018, the corporation paid $20,000 in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders? Equity, Revenues, and Expenses of The Fitness Guru, Inc., at August 31, 2018. The items are listed in alphabetical order. The
The IT manager of Highland Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that
This exercise continues with the business of Sensations Salon, Inc., begun in the Continuing Exercise in Chapter 1. Instead of entering the transactions in the accounting equation as you did in
This problem continues with the business of Fitness Equipment Doctor, Inc., begun in the Continuing Problem in Chapter 1. Here you will account for Fitness Equipment Doctor, Inc.?s transactions using
Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where Dick’s got its money, and what Dick’s has been doing to create value. Is
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.Although we do not have access to the journals
To help you understand and compare the performance of two companies in the same industry.Go to the Columbia Sportswear Company Annual Report located in Appendix A. Now access the 2016 Annual Report
Haskins, Inc., began operations on January 1, 2018. The seven transactions recorded during January by the company accountant are shown in the following T-accounts: Complete the following table. For
The accounting records for Audio Masters Corp., contain the following amounts on April 30, 2018. The accounts appear in no particular order. Prepare the trial balance for Audio Masters at April 30,
To the left of each account listed on the trial balance, indicate the financial statement that will include the account: income statement (IS), statement of retained earnings (RE), or balance sheet
Wu & Associates, Inc., completed the following transactions during March 2018, its first month of operations:Mar 1 Sold $95,000 of common stock to Jimmy Wu to start the business.3 Purchased
The transactions for Zane?s Creations, Inc., for the month of January 2018 are posted in the following T-accounts: Requirements 1. Calculate account balances at January 31, 2018. 2. Prepare the
Clocktower Cleaning, Inc., had the following transactions for the month of March 2018: Mar 2 Paid Rent Expense, $900.4 Performed service for a customer and received cash, $1,600.8 Purchased supplies
Chad Simpson started a mobile DJ business named Sounds on Wheels, Inc., on April 1, 2018. In the month of April, before providing services to customers, the business incurred six transactions, which
Willis Construction, Inc., completed the following transactions during June 2018, its first month of operations:Jun 2 Sold $10,000 of common stock to Davis Willis to start the construction
Jill Conway has trouble keeping her debits and credits equal. During a recent month, Jill made the following errors:a. Jill recorded an $800 rent payment by debiting Rent Expense for $80 and
Rudenko & Associates, Inc., completed the following transactions during July 2018, its first month of operations:Jul 1 Sold $85,000 of common stock to Artem Rudenko to start the business.3
The transactions for Inspired Design, Inc., for the month of March 2018 are posted in the following T-accounts: Requirements 1. Calculate account balances at March 31, 2018. 2. Prepare the trial
White Glove Cleaning, Inc. had the following transactions for the month of September 2018: Sep 2 Paid Rent Expense, $500.4 Performed service for a customer and received cash, $1,800.8 Purchased
Julie Denend started a mobile DJ business named Mobile Music, Inc., on November 1, 2018. In the month of November, before providing services to customers, the business incurred six transactions,
First Choice Fabrication, Inc., engaged in the following business transactions during May 2018:May 1 Borrowed $210,000 from Riverside Bank. The company president signed a note payable to the bank in
The trial balance for Safenet, Inc., at September 15, 2018, follows: During the remainder of September, Safenet, Inc., completed the following transactions: Sep 16 Collected $1,500 cash from a
Braeden Miller opened an accounting firm on January 1, 2018. During the month of January, the business completed the following transactions:Jan 1 The business sold $55,000 of common stock to open
The accounts of Hernandez Computer Repair, Inc., and their normal balances at March 31, 2018, follow. The accounts are listed in no particular order. Requirements 1. Prepare the company?s trial
A to Z Fabrication, Inc., engaged in the following business transactions during August 2018:Aug 1 Borrowed $225,000 from State Bank. The company president signed a note payable to the bank in the
Thao Le opened an accounting firm on March 1, 2018. During the month of March, the business completed the following transactions:Mar 1 The business sold $60,000 of common stock to open the firm, Le
The trial balance for Security Systems, Inc., at May 15, 2018, follows: During the remainder of May, Security Systems, Inc., completed the following transactions:May 16 Collected $1,700 cash from a
The accounts of Wellington Electronics Repair, Inc., and their normal balances at October 31, 2018, follow. The accounts are listed in no particular order. Requirements 1. Prepare the company?s
This problem continues the accounting process for Fitness Equipment Doctor, Inc., from the Continuing Problem in Chapter 2. The trial balance for Fitness Equipment Doctor, Inc., at April 30, 2018,
Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material.This case will help you to better understand the effect of
Brava Landscaping, Inc., completed the following transactions during its first month of operations for January 2018: a. Gabrielle Brava invested $8,500 cash and a truck valued at $16,000 to start
What does the matching principle require companies to match?
To help you understand and compare the performance of two companies in the same industry.Go to the Columbia Sportswear Company Annual Report located in Appendix A. Now access the 2016 Annual Report
Julie’s Flower Shop’s Office Supplies balance is $1,200 on October 1, and the balance in Office Supplies Expense is $0. On October 31, $480 of supplies are on hand. Journalize and post the
Journalize the following adjusting entries at August 31:1. Services provided but not recorded, $2,7002. Salaries earned by employees but not recorded, $3,2003. Accrued interest on a note payable, $260
The following selected accounts and balances appear on the adjusted trial balance for Waverly, Inc., on July 31, 2018:Service Revenue ........................................$1,800Rent Expense
After closing its accounts at July 31, 2018, Anderson Realty, Inc., had the following account balances: Prepare Anderson Realty?s post-closing trial balance at July 31, 2018. List the accounts in
The accounting records of Travel Time, Inc., include the following unadjusted balances at November 30: Accounts Receivable, $900; Supplies, $650; Prepaid Insurance, $2,000; Accumulated Depreciation,
The accountant for Specialty Painting, Inc., posted adjusting entries (a) through (e) to the accounts at May 31, 2018. Selected balance sheet accounts and all the revenues and expenses of the entity
Sentry Alarm, Inc., began the year with $19,000 of common stock and $22,600 of retained earnings. On June 5, investors bought $12,000 of additional stock in the business. On September 22, the
The adjusted trial balances of Allied Coatings, Inc., at October 31, 2018, and October 31, 2019, include these amounts: Analysis of the accounts at October 31, 2019, reveals these transactions for
The following post-closing trial balance was prepared for Sepia Studios, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts
The following is the adjusted trial balance of Inland Home Health, Inc., for December 31, 2018. Requirement Journalize the closing entries at December 31, 2018. Inland Home Health, Inc. Adjusted
Suppose you started your own landscaping business. A customer paid you $140 in advance to mow her lawn while she was on vacation. You also performed landscaping services for a local business, but the
The accounting records of Shamrock, Inc. include the following unadjusted balances at June 30: Accounts Receivable, $1,300; Supplies, $825; Prepaid Insurance, $1,600; Accumulated Depreciation,
The accountant for Castile Construction, Inc., posted adjusting entries (a) through (e) to the accounts at August 31, 2018. Selected balance sheet accounts and all the revenues and expenses of the
Certified Security, Inc., began the year with $35,000 of common stock and $32,400 of retained earnings. On May 5, investors bought $8,000 of additional stock in the business. On August 22, the
The adjusted trial balances of Anderson Plating Services, Inc., at December 31, 2018, and December 31, 2019, include these amounts: Analysis of the accounts at December 31, 2019, reveals these
The adjusted trial balance for Sweet Home Catering, Inc., is presented below. Prepare the income statement and statement of retained earnings for Sweet Home Catering, Inc., for the month ended March
1. Prepare McGinty Electrical?s closing entries using the following selected accounts at June 30, 2018 2. What is McGinty Electrical?s ending Retained Earnings balance at June 30, 2018? Common
From the following accounts of Done Right Auto Detail, Inc., prepare the business?s statement of retained earnings for the year ended March 31, 2018. Retained Earnings 120,000 Apr 1 78,000 Clo
The following post-closing trial balance was prepared for Speedy Prints, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts
The following is the adjusted trial balance of Health Services, Inc., for December 31, 2018 Requirement Journalize the closing entries at December 31. Health Services, Inc. Adjusted Trial Balance
Assume the unadjusted and adjusted trial balances for Davis Chiropractic, Inc., at April 30, 2018, show the following data: Requirement Journalize the adjusting entries that account for the
The trial balance of Designs by Jill, Inc., at September 30, 2018, and the data needed for the month-end adjustments follow: a. Insurance coverage still remaining at September 30, $1,950 b.
The adjusted trial balance of Valley Realty, Inc., at December 31, 2018, follows: Requirements 1. Prepare Valley Realty?s income statement and statement of retained earnings for the year ending
The September 30, 2018, adjusted trial balance of Buzzy?s, Inc., is shown next. Requirements 1. Prepare the September closing entries for Buzzy?s, Inc. 2. Calculate the ending balance in Retained
Assume the unadjusted and adjusted trial balances for Affordable Pet Dental, Inc., at September 30, 2018, show the following data: Requirement Journalize the adjusting entries that account for the
This exercise continues the accounting process for Sensations Salon, Inc., from the Continuing Exercise in Chapter 2. Refer to the T-accounts and the trial balance that you prepared for Sensations
The April 30, 2018, adjusted trial balance of The Grind Finale, Inc., is shown below. Requirements 1. Prepare the April closing entries for The Grind Finale, Inc. 2. Calculate the ending balance in
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the
Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,600,000 in cash. The book values and fair values of Pioneer?s assets and liabilities
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. The summary of significant accounting policies is located in note A to the financial statements. Locate
Stillwater Youth Programs (SYP) purchased a used school bus to transport children for its after-school program. SYP incurred the following expenses related to the bus for the current year:1. Replaced
Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Such pressure may cause some

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