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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

The adjusted trial balance of Karise Repairs on December 31 follows.Required1. Prepare an income statement and a statement of retained earnings for the year, and a classified balance sheet at
Gomez Co. had the following transactions in the last two months of its year ended December 31. Entries can draw from the following partial chart of accounts: Cash; Prepaid Insurance; Prepaid
The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31.Required1. Complete the six-column table by entering adjustments that reflect the following
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once.A. To record payment of a prepaid expense.B. To record this
Following is the unadjusted trial balance for Alonzo Institute as of December 31. The Institute provides one-on-one training to individuals who pay tuition directly to the business and offers
The adjusted trial balance for Speedy Courier as of December 31 follows.RequiredUse the information in the adjusted trial balance to prepare(a) the income statement for the year ended December
On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company’s first month.Required1. Use the balance column format to set up
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year.Required1. Prepare
The following unadjusted trial balance is for Power Demolition Company at its April 30 current fiscal year-end. The credit balance of the Retained Earnings account was $76,900 on April 30 of the
Santo Company’s adjusted trial balance on December 31 follows.Required1. Prepare an income statement and a statement of retained earnings for the year, and a classified balance sheet at December
Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31. Entries can draw from the following partial chart of accounts: Cash; Prepaid Insurance; Prepaid
For journal entries 1 through 6, identify the explanation that most closely describes it.A. To record this period’s depreciation expense.B. To record accrued salaries expense.C. To record this
Prepare adjusting journal entries for the year ended December 31 for each separate situation. Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Supplies;
For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended December 31.Entries can draw from the following partial chart of accounts:
Analyze each adjusting entry in Exercise 3-9 by showing its effects on the accounting equation— specifically, identify the accounts and amounts (including + or —) for each transaction or
Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the following separate cases. Entries can draw from the following partial chart of accounts: Cash; Accounts
Analyze each adjusting entry in Exercise 3-11 by showing its effects on the accounting equation— specifically, identify the accounts and amounts (including + or −) for each transaction or
Use the adjusted accounts for Stark Company from Exercise 3-16 to prepare the (1) Income statement (2) Statement of retained earnings for the year ended December 31 (3) Balance sheet at December
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.1. Prepare the December 31 closing entries. The account number for Income Summary is 901.2. Prepare the
Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) Income statement (2) Statement of retained earnings, for the year ended December 31. The
Use the information in the adjusted trial balance reported in Exercise 3-21 to prepare Wilson Trucking Company’s classified balance sheet as of December 31.Data from Exercise 3-21Use the following
Using Wilson Trucking Company’s adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries.Data from Exercise 3-21Use the following adjusted trial balance at December 31 of
(a) Use the information in the adjusted trial balance reported in Exercise 3-21 to compute the current ratio for Wilson Trucking. (b) Assuming Spalding (a competitor) has a current ratio of 1.5,
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts
Costanza Company experienced the following events and transactions in July. The company has the following partial chart of accounts: Cash;Accounts Receivable; Unearned Revenue; and Services
These 16 accounts are from the Adjusted Trial Balance columns of a company’s work sheet. Determine the letter of the financial statement column (A, B, C, or D) where a normal account balance is
The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by
Use the following information from the Adjustments columns of a work sheet to prepare the necessary adjusting journal entries (a) through (e). No. Account Title 109 Interest receivable 124 Office
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31.1. Use the following information to complete the Adjustments columns of the work
Following are Income Statement columns from a 10-column work sheet for a company.1. Determine the amount that should be entered on the net income line of the work sheet.2. Prepare the company’s
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31.1. Use the following information about the company’s adjustments to complete a
The class should be divided into teams. Teams are to select an industry (such as automobile manufacturing, airlines, defense contractors), and each team member is to select a different company in
Use the following information from a merchandising company and from a service company to complete the requirements.1. For the merchandiser only, compute(a) Goods available for sale, (b) Cost of goods
Prepare journal entries to record each of the following transactions.Assume a perpetual inventory system using the gross method for recording purchases. Oct. 1 Purchased $1,000 of goods. Terms of the
Prepare journal entries to record each of the following transactions.Assume a perpetual inventory system and use of the gross method.Beginning inventory equals $9,000. June 1 7 Sold 50 units of
A merchandising company’s ledger on May 31, its fiscal year-end, includes the following accounts that have normal balances (it uses the perpetual inventory system). A physical count of its May 31
Taret’s adjusted account balances from its general ledger on April 30, its fiscal year-end, are shown here in random order.(a) Prepare a multiple-step income statement that begins with gross sales
Use the following adjusted trial balance and additional information to complete the requirements.Supplementary records for the year reveal the following itemized costs for merchandising
Prepare journal entries for the following transactions for both the seller (BMX) and buyer (Sanuk). May 4 6 8 10 16 18 BMX sold $1,500 of merchandise on account to Sanuk, terms FOB shipping point,
At the current year-end, a company shows the following unadjusted balances for selected accounts.a. After an analysis of future sales discounts, the company estimates that the Allowance for Sales
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 3 4 17 18 21 28 Purchased $4,600 of
Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method. Mar. 3 4 5 18 19 21 29
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses
Analyze each transaction in Exercise 4-6 by indicating its effects on the income statement—specifically, identify the following six accounts and dollar effects (including + or −) for each
Refer to Exercise 4-6 and prepare journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases
Prepare journal entries for the following merchandising transactions of Dollar Store assuming it uses a perpetual inventory system and the gross method. Nov. 1 5 7 10 13 16 Dollar Store purchases
Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method. May 1 12 31 Powell purchased merchandise
Indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement, understatement, or no effect on the following ratios.a. Gross margin ratiob.
Refer to Exercise 4-10 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system and the gross method are used by both the buyer and the
Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,000. Of the $5,000 of receivables, $1,000 are within a 2% discount
Refer to Exercise 4-10 and prepare journal entries to record each of the merchandising transactions assuming that the perpetual inventory system and the net method are used by both the buyer and the
Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming
A company has $550,000 in net sales and $193,000 in gross profit.This means its cost of goods sold equalsa. $743,000.b .$550,000.c. $357,000.d. $(193,000).e. $193,000.
A company purchased $4,500 of merchandise on May 1 with terms of 2⁄10, n⁄30. On May 6, it returned $250 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any
A company has cash sales of $75,000, credit sales of $320,000, sales returns and allowances of $13,700, and sales discounts of $6,000. Its net sales equala. $395,000.b. $375,300.c. $300,300.d.
A company’s quick assets are $37,500, its current assets are $80,000, and its current liabilities are $50,000. Its acid-test ratio equalsa. 1.600.b. 0.750.c. 0.625.d. 1.333.e. 0.469.
A company’s net sales are $675,000, its cost of goods sold is $459,000, and its net income is $74,250. Its gross margin ratio equalsa. 32%.b. 68%.c. 47%.d. 11%.e. 34%.
Following is selected financial information of Kia Company for the current year ended December 31.RequiredPrepare the statement of cash flows for Kia Company for the current year ended December 31.
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.Required 1. Create the following
Use the information in Problem 1-3B to prepare the statement of retained earnings for Audi Company for the current year ended December 31.Data from Problem 1-3B
Selected financial information of Banji Company for the current year ended December 31 follows.RequiredPrepare the statement of cash flows for Banji Company for the current year ended December 31.
Nina Niko launched a new business, Niko’s Maintenance Co., that began operations on June 1. The following transactions were completed by the company during that first month.Required1. Create the
Rivera Roofing Company, owned by Reyna Rivera, began operations in July and completed these transactions during that first month of operations.Required 1. Create the following table similar to
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and
Assume that Katrina Lake of titch 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
If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing entry could be made?
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Assume no other adjusting entries are made during the year.1. Prepaid Insurance.
For each separate case below, follow the three-step process for adjusting the accrued expense account at December 31. Assume no other adjusting entries are made during the year.a. Salaries Payable.
For each separate case below, follow the three-step process for adjusting the accrued revenue account at December 31. Assume no other adjusting entries are made during the year.a. Accounts
Use the following adjusted trial balance for Magic Company to prepare its closing entries.
Use the following account balances from Magic Company’s postclosing trial balance to prepare its classified balance sheet as of December 31.
The following information relates to Fanning’s Electronics on December 31.a. The company’s weekly payroll is $8,750, paid each Friday for a five-day workweek. Assume December 31 falls on a
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues.a. To record revenue earned that was previously received as cash in
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through
In making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record:1. $3,200 of insurance coverage that had expired (this $3,200 cost had been initially
The adjusted trial balance for Happ Company follows. Use the adjusted trial balance to prepare the December 31 year-end (a) Income statement,(b) Statement of retained earnings, and(c) Balance sheet.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9,000; Dividends $800; Services Revenue $13,000; Wages Expense $8,400; and Rent
Set up T-accounts for the following accounts and amounts with normal balances as of December 31: Retained Earnings $18,000; Dividends $2,000; Services Revenue $33,000; Salaries Expense $25,000; Rent
Ace Company reports revenues of $40,000 and expenses of $31,000. The company paid $5,000 cash in dividends this period. After closing entries are recorded, determine the amount of the increase or
J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $20,000. During the current year, the company paid $11,000 in cash dividends. Clancy
Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) statement of retained earnings for the year ended December 31. The Retained Earnings account
Compute Chavez Company’s current ratio using the following information.
Garcia Company had the following selected transactions during the year.a. Record journal entries for these transactions assuming Garcia follows the usual practice of recording a prepayment of an
Determine the financial statement column (Income Statement column or the Balance Sheet column) where a normal account balance is extended.a. Equipmentb. Common Stockc. Prepaid Rentd. Depreciation
The following selected information is taken from the work sheet for Warton Company at its December 31 year-end. Determine the amount for Retained Earnings that should be reported on its current
On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting revenue. On January 16, Yates received $26,700 cash as payment in full for consulting work it
A company forgot to record accrued and unpaid employee wages of $350,000 at period-end. This oversight woulda. Understate net income by $350,000.b. Overstate net income by $350,000.c. Have no
Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry
On May 1 of the current year, a two-year insurance policy was purchased for $24,000 with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income
On November 1, Stockton Co. receives $3,600 cash from Hans Co. for consulting services to be provided evenly over the period November 1 to April 30—at which time Stockton credits $3,600 to Unearned
If a company paid $900 in cash dividends this period, the entry to close the Dividends account is:a. Dividends. ................... 900b. Retained Earnings .........900c. Retained Earnings
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
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.
Zen began a new consulting firm on January5. Following is a financial summary, including balances, for each of the company’s first five transactions (using the accounting equation form).Identify
The following table shows the effects of transactions 1 through 5 on the assets, liabilities, and equity of Mulan’s Boutique.Identify the explanation from a through j that best describes each
For each transaction a through f, identify its impact on the accounting equation (select from 1 through 5 below).1. Decreases an asset and decreases equity.2. Increases an asset and increases a
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 from
Jarvis began operations on January 1, Year 1, and its Retained Earnings balance on that date was $0. In its first two years of operations, it reported the following at its December 31
Swiss Group reports net income of $40,000 for the year. At the beginning of the year, Swiss Group had $200,000 in assets. By the end of the year, assets had grown to $300,000. What is Swiss Group’s
Use the information in Problem 1-3A to prepare the statement of retained earnings for Armani Company for the current year ended December 31.Data from Problem 1-3AAs of December 31 of the current

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