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financial accounting

Questions and Answers of Financial Accounting

The president of The Peterson Company suspects the bookkeeper is embezzling cash from the company. She asks you, confidentially, to look over the bank reconciliation that the bookkeeper has prepared
Janet Black, the owner of Janet’s Catering, has delegated the management of the business to Danielle Vale, a friend. Black drops by to meet customers and check up on cash receipts, but Vale buys
The cash data of Eddy Automotive for October 2018 follow:Eddy Automotive received the following bank statement on October 31, 2018:Additional data for the bank reconciliation include the following:a.
Beaumont Independent School District (BISD) is a public school district in Beaumont, Texas. It has three high schools, six middle schools, and 16 elementary schools, serving approximately 21,000
The cash data of Duffy Automotive for May 2018 follow:Duffy Automotive received the following bank statement on May 31, 2018:Additional data for the bank reconciliation include the following:a. The
Mark Kershey, a former Smucker employee, was charged with defrauding the J.M. Smucker Company of more than $4.1 million over a 16-year period. Charges were filed in October 2014. In 2015, Kershey was
Which of the following assets are not included in “cash equivalents” in a typical balance sheet?a. Foreign government securitiesb. Certain very low-risk equity securitiesc. U.S. government
Which of the following is an example of poor internal control in an organization?a. The company rotates employees through various jobs.b. The accounting department compares goods received with the
If a bank reconciliation included a deposit in transit of $790, the entry to record thisreconciling item would includea. a credit to Cash for $790.b. a credit to Prepaid insurance for $790.c. a debit
If a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown onthe bank reconciliation as aa. $36 deduction from the book balance.b. $37 addition to the book balance.c. $36
Use the data from Exercise 4-27B to make the journal entries that McCall should record on February 28 to update his Cash account. Include an explanation for each entry.Data from Exercise 4-27BHarry
Harry McCall operates a roller skating center, McCall Rinks. He has just received the company’s monthly bank statement at February 28 from Ridgeway National Bank, and the statement shows an ending
Lexitech Company’s check-book lists the following:The January bank statement shows:Requirement1. Prepare Lexitech’s bank reconciliation at January 31, 2018. Check No. Check Deposit Balance Date
Mary Jenson served as executive director of Downtown Bridgeport, an organization created to revitalize Bridgeport, Oregon. Over the course of 14 years, Jenson embezzled $295,000 through a variety of
Harper Company manufactures a popular brand of footballs. Harper employs 147 workers and keeps time sheets that show how many hours the employees work each week. On Friday the shop foreman collects
Identify the internal control weakness in the following situations. State how the person can hurt the company.a. Katie Parker is the purchasing agent for Salem Sports Equipment. Parker prepares
Use the data from Exercise 4-20A to make the journal entries that Patrick should record on March 31 to update his Cash account. Include an explanation for each entry.Data from Exercise 4-20AUse a
Use a bank reconciliation) Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company’s monthly bank statement at March 31 from Ringley National Bank, and the
Sangreen Company’s checkbook lists the following:The May bank statement shows:Requirement1. Prepare Sangreen’s bank reconciliation at May 31, 2019. Check Balance Date Check No. Item Deposit
Ruth Bixby served as executive director of Uptown Allentown, an organization created to revitalize Allentown, Pennsylvania. Over the course of 13 years, Bixby embezzled $543,000 through a variety of
Use these terms to complete the statements that follow. You can use a term more than once or not at all.a. When a company has recorded a deposit but the bank has not yet processed it, this item is
Constance Hermaine manages Springfield Manufacturing. Hermaine fears that a trusted employee has been stealing from the company. This employee receives cash from clients and also prepares the monthly
After preparing Reese Corp.’s bank reconciliation in Short Exercise 4-10, make the company’s journal entries for transactions that arise from the bank reconciliation. Date each transaction
The Cash account of Reese Corporation had a balance of $3,540 at October 31, 2018. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank
Donna Franks, an accountant for Southern Technologies Corporation, discovers that her supervisor, Elise Silverton, made several errors last year. Overall, the errors overstated the company’s net
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s financial statements in Appendix A and online in the filings section of www.sec.gov. Assume that Apple completed the following selected transactions during 2016:a. Made
Shabby Fitch is the president and principal stockholder of Shabby’s Bar & Grill, Inc. To expand, the business is applying for a $350,000 bank loan. To get the loan, Fitch is considering two
Ferritto opened an Italian restaurant. Business has been good, and Ferritto is considering expanding the restaurant. Ferritto, who knows little accounting, produced the following financial statements
The Cheesecake Factory Incorporated (NASDAQ: CAKE) owns and operates over 200 restaurants, including The Cheesecake Factory, the Grad Lux Cafe, and the RockSugar Pan Asian Kitchen brand restaurants.
Backline Advertising creates, plans, and handles advertising campaigns in a three-state area. Recently, Backline had to replace an inexperienced office worker in charge of bookkeeping because of some
This question concerns the items and the amounts that two entities, Marion Co. and Ashland Hospital, should report in their financial statements. During November, Ashland provided Marion with medical
The trial balance of Jubilee, Inc., at October 31, 2018, does not balance.Requirements1. Prepare a trial balance for the ledger accounts of Jubilee, Inc., as of October 31, 2018.2. Determine the
During the first month of operations (May 2018), Shreve Music Corporation completed the following selected transactions:a. The business received cash of $46,000 and a building with a fair value of
This problem can be used in conjunction with Problem 2-64B; see that problem for the relevant data.Requirements1. Journalize the transactions of Davis Computing, Inc. Explanations are not required.2.
The following amounts summarize the financial position of Davis Computing, Inc., on September 30, 2018:During October 2018, Davis Computing completed these transactions:a. The company received cash
The trial balance of Colby Design, Inc., follows:Clara Lancey, your best friend, is considering making an investment in Colby Design, Inc. Clara seeks your advice in interpreting the company’s
During the first month of operations (January 2018), Samuels Music Services Corporation completed the following selected transactions:a. The business received cash of $41,000 and a building with a
During the first month of operations, Cloutier Services, Inc., completed the following transactions:Requirements1. Record each transaction in the journal. Be sure to record the date in each entry.
The following amounts summarize the financial position of Grueser Computing, Inc., on September 30, 2018:During October 2018, Grueser Computing completed these transactions:a. The company received
The trial balance of Baker Specialties, Inc., follows:Veronica Gomez, your best friend, is considering investing in Baker Specialties, Inc. Veronica seeks your advice in interpreting the company’s
Purchasing a building for $115,000 by paying cash of $25,000 and signing a note payable for $90,000 willa. decrease total assets and increase total liabilities by $25,000.b. increase both total
Girard Unlimited, a new company, completed these transactions.1. Stockholders invested $55,000 cash and inventory with a fair value of $30,000.2. Sales on account, $25,000. What will Girard’s total
If a corporation purchases a delivery van for $35,000 cash, the net impact of this transaction will bea. A decrease in total assets of $35,000.b. An increase in total assets of $35,000.c. An increase
Which statement is false?a. A trial balance lists all the accounts with their current balances.b. A trial balance can be taken at any time.c. A trial balance can verify the equality of debits and
Olivia Matthews, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of May 2018:Requirements1. Journalize the
Assume that All Towne Company reported the following summarized data at September 30, 2018. Accounts appear in no particular order; dollar amounts are in millions.Requirements1. Solve for Cash.2.
The trial balance of St. James, Inc., at September 30, 2018, does not balance.The accounting records hold the following errors:a. Recorded a $400 cash revenue transaction by debiting Accounts
The accounts of Specialty Deck Service, Inc., follow with their normal balances at April 30, 2018. The accounts are listed in no particular order.Requirements1. Prepare the company’s trial balance
The first seven transactions of Gallagher Advertising, Inc., have been posted to the company’s accounts:Requirement1. Prepare the journal entries that served as the sources for the seven
Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each year between May and October. It covers 364 acres and has
Assume that Old Center Company reported the following summarized data at September 30, 2018. Accounts appear in no particular order; dollar amounts are in millions.Requirements1. Solve for Cash.2.
The trial balance of Addison, Inc., at September 30, 2018, does not balance:The accounting records hold the following errors:a. Recorded a $700 cash revenue transaction by debiting Accounts
The accounts of Deluxe Patio Service, Inc., follow with their normal balances at April 30, 2018. The accounts are listed in no particular order.Requirements1. Prepare the company’s trial balance at
Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the
Identify transactions, analyze impact on accounting equation, journalize transactions) Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million
Purpleberry, Inc.’s, trial balance follows:Calculate these amounts for the business:1. Total assets2. Total liabilities3. Net income or net loss during December A1 Purpleberry, Inc. Trial Balance
Assume that Harbor Marine Company reported the following summarized data at December 31, 2018. Accounts appear in no particular order; dollar amounts are in millions.Prepare the trial balance of
Journalize the following transactions. Include dates and a brief explanation for each journal entry.July 1: Issued common stock for $13,000July 5: Performed services on account for $8,000July 9:
Orman Consulting performed services for a client who could not pay immediately. Orman expected to collect the $4,600 the following month. A month later, Orman received $2,100 cash from the client.1.
After operating for several months, architect Donovan Freeman completed the following transactions during the latter part of July:Journalize the transactions of Donovan Freeman, Architect. Include an
Baer, MD, opened a medical practice. The business completed the following transactions:After these transactions, how much cash does the business have to work with? Use a T-account to show your
Ford’s Catering began with cash of $8,000. Ford then bought supplies for $2,500 on account. Separately, Ford paid $7,200 for equipment. Answer these questions.a. How much in total assets does Ford
Dan Crater opened a software consulting firm that immediately paid $28,000 for a computer system. Was Crater’s computer system an expense of the business? If not, explain.
For each of the following items, indicate whether that item would be considered to be a transaction at Gerbig Pet Grooming Corporation.a. A customer, Layne Gracen, gives Gerbig a check for $620 to
Apply the accounting equation; evaluate business operations) This and similar cases in each chapter are based on the 2016 consolidated financial statements of Under Armour, Inc. You can retrieve the
This and similar cases in succeeding chapters are based on the consolidated financial statements of Apple Inc. shown in Appendix A and online in the filings section of www.sec.gov.Requirements1. Go
A year out of college, you have $10,000 to invest. A friend has started Flowers Unlimited, Inc., and he asks you to invest in his company. You obtain the company’s financial statements, which are
Two businesses, Queens Service Corp. and Insley Sales Co., have sought business loans from you. To decide whether to make the loans, you have requested their balance sheets.Requirement1. Using only
The Cheesecake Factory Incorporated (NASDAQ: CAKE) was started by Evelyn Overton when she sold cheesecakes from her basement in Detroit in the 1940s. Its first restaurant opened in Beverly Hills in
Summarized versions of Weaverton Corporation’s financial statements for two recent years are as follows.Requirement1. Complete Weaverton Corporation’s financial statements by determining the
The following data come from the financial statements of Tidal Wave Company for the year ended March 31, 2019 (in millions):Requirements1. Prepare Tidal Wave Company’s cash flow statement for the
The assets and liabilities of Full Moon Products, Inc., as of December 31, 2018, and revenues and expenses for the year ended on that date are as follows:Beginning retained earnings was $364,800, and
Hudson Alvarez is a realtor. He organized his business as a corporation on June 16, 2019. The business received $75,000 from Alvarez and issued common stock. Consider these facts as of June 30,
The manager of Parker Design, Inc., prepared the company’s balance sheet as of March 31, 2018, while the company’s accountant was ill. The balance sheet contains numerous errors. In particular,
Compute the missing amount (?) for each company. (Amounts are in millions.)At the end of the year, which company had the■ highest net income?■ highest percent of net income to revenues? Babble
Summarized versions of Calabasa Corporation’s financial statements for two recent years are as follows.Requirement1. Complete Calabasa Corporation’s financial statements by determining the
The following data come from the financial statements of Mitchell Company for the year ended March 31, 2019 (in millions):Requirements1. Prepare Mitchell Company’s cash flow statement for the year
The assets and liabilities of Oak Hill Garden Supply, Inc., as of December 31, 2018, and revenues and expenses for the year ended on that date are as follows:Beginning retained earnings was $364,600,
Apply underlying accounting concepts; evaluate business operations; construct a balance sheet) Brandon Hilton is a realtor. He organized his business as a corporation on June 16, 2019. The business
The manager of City News, Inc., prepared the company’s balance sheet as of May 31, 2018, while the company’s accountant was ill. The balance sheet contains numerous errors. In particular, the
Apply the accounting equation; evaluate business operations) Compute the missing amount (?) for each company. (Amounts are in millions.)At the end of the year, which company had the■ highest net
Paulson Company had the following on the dates indicated:Paulson had no stock transactions in 2018, so the change in stockholders’ equity for 2018 was due to net income and dividends. If dividends
The stockholders’ equity of Kowalski Company at the beginning and end of 2018 totaled $122,000 and $140,000, respectively. Assets at the beginning of 2018 were $149,000. If the liabilities of
Moody Instruments had retained earnings of $300,000 at December 31, 2017. Net income for 2018 totaled $200,000, and dividends declared for 2018 were $55,000. How much retained earnings should Moody
Maynard Corporation began the year with cash of $135,000 and land that cost $25,000. During the year, Maynard earned service revenue of $260,000 and had the following expenses: salaries, $185,000;
Another name for the balance sheet is thea. Statement of operations.b. Statement of profit and loss.c. Statement of earnings.d. Statement of financial position.Select the best choice from among the
During February, assets increased by $83,000 and liabilities increased by $23,000. Equity must havea. Increased by $60,000.b. Increased by $106,000.c. Decreased by $106,000.d. Decreased by
Assume that a business is headed for certain bankruptcy and it is evident that its liabilities greatly exceed its assets. Which principle would be violated if its financial statements were prepared
An organization’s investors and creditors will primarily use information provided by:a. the organization’s financial accounting system.b. the organization’s managerial accounting system.c. the
During 2018, Brewster Company earned revenues of $146 million. Brewster incurred, during that same year, salary expense of $28 million, rent expense of $23 million, and utilities expense of $19
This exercise should be used in conjunction with Exercises 1-39B through 1-41B.The owner of Island Coffee Roasters Corporation now seeks your advice as to whether she should cease operations or
Refer to the data in Exercises 1-39B and 1-40B.Requirement1. Prepare the statement of cash flows of Island Coffee Roasters Corporation for the month ended August 31, 2019. Using Exhibit 1-11 as a
Refer to the data in Exercise 1-39B.Requirement1. Prepare the balance sheet of Island Coffee Roasters Corporation at August 31, 2019.Data from Exercise 1-39BAssume Island Coffee Roasters Corporation
This exercise should be used with Exercise 1-37B.Requirements1. Prepare the income statement of Mary Burke Realty Company for the year ended March 31, 2018.2. What amount of dividends did Mary Burke
The following are the assets and liabilities of Mary Burke Realty Company, as of March 31, 2018. Also included are revenue, expense, and selected stockholders’ equity figures for the year ended on
At December 31, 2018, Patterson Products has cash of $20,000, receivables of $17,600, and inventory of $78,000. The company’s equipment totals $186,000. Patterson owes accounts payable of $22,000
Pillser, Inc.’s, comparative balance sheet at January 31, 2019, and 2018, reports the following (in millions):RequirementsThe following are three situations related to Pillser’s issuance of
Brandeberry, Inc., has current assets of $240 million; property, plant, and equipment of $390 million; and other assets totaling $130 million. Current liabilities are $100 million, and long-term
Compute the missing amount in the accounting equation for each company (amounts in billions):Which company appears to have the strongest financial position? Explain your reasoning. Liabilities

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