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glencoe accounting first year course

Glencoe Accounting First Year Course 1st Edition Andrée Vary - Solutions

On October 14 Canton Car Care Center issued a $10,000, 60-day, 12% non-interestbearing note payable to Canton National Bank.1. Which accounts are debited and which are credited? What are the debit and credit amounts?2. Compute the bank discount. What is the amount of the proceeds?
When considering a borrower’s long-term debt, lenders often consider the debt to equity ratio. This ratio compares the resources the lender will provide to the borrower’s resources. It is calculated by dividing total liabilities by total stockholders’ equity. Here’s an example: This
a. What accounts are affected by the issuance of an interest-bearing note payable, and how are they affected?b. What accounts are affected by the payment of an interest-bearing note payable, and how are they affected?
Qupre, Inc. signed a 90-day, 9.75% note with First State Bank for $1,200 on August 1. The maturity date for the note isa. October 30.b. November 1.c. October 28.d. November 2.
You need to borrow $10,000 for six months. Interest rates are expected to drop from 7% to 5.5% within the next week. How much would you save by waiting an additional week to obtain your loan?
a. What accounts are affected by the receipt of a note receivable, and how are they affected?b. What accounts are affected by the payment of a note receivable, and how are they affected?
Consider a $5,000, 6%, 180-day interest-bearing note and a non-interestbearing note for the same amount and time period with a bank discount of 6%. From the borrower’s point of view, which is the better loan and why?
Occasionally, on the maturity date, a note may be renewed instead of being paid. When this occurs, (1) the interest on the first note is paid, (2) the first note is canceled, and (3) a new note for the same principal amount is issued, usually at a higher interest rate. Buzz Newsstand had the
The following is a partial list of accounts used by River’s Edge Canoe & Kayak. Instructions In your working papers, record the following transactions in a cash receipts journal (page 67), cash payments journal (page 73), and general journal (page 27). 101 Cash in Bank 115 Accounts
On June 1 Matthew Deck and Jennifer Rusk agree to combine their sole proprietorships into a new business, Dreamscapes Catering, organized as a partnership. The partnership will take over all assets of the two proprietorships. The assets invested by Deck and Rusk follow. InstructionsPrepare the
You and your friend Marianne Shelton have discussed forming a partnership to provide desktop publishing and layout services to local businesses. You have chosen a business name: The Perfect Paper. You are ready to launch your business idea, but you need Marianne to agree so that you can obtain a
Name three methods partners can use to divide net income and net loss.
The drawing account shows each partner’sa. Withdrawal of cash only.b. Withdrawal of all assets.c. Additional investments.d. All of the above.e. None of these answers
a. List five characteristics of a partnership.b. List three advantages and three disadvantages of the partnership form of business.
Arturo Garcia and Marcela Melendez are partners in Family Dental Center. They share equally the income and the costs of office rent, utilities, insur ance, and salaries for the four people who work for them.You just graduated from dental school. Arturo and Marcela offer you a partnership in their
You and your best friend Harold have started a jewelry business. He manages the business while you make the jewelry. Your designs are very successful, but because of Harold’s mismanagement, the business is not making any money. He suggests “doctoring” the financial statements and using them
Following are the ratios used by several partnerships to divide net income or net loss.InstructionsDetermine the fractions that are used to calculate each partner’s share of net income or net loss. Use the form provided in your working papers. 1. 3:1 2. 5:3:1 3. 3:2:2:1 4. 2:1:1 5. 2:1
Choose a classmate and discuss a partnership for a business the two of you might like to own and operate. Use your creativity. Prepare a partnership agreement that spells out the details. Include information about what each partner will contribute to the business. Be sure to sign the agreement to
a. What information is usually included in a partnership agreement?b. How does accounting for a partnership differ from that for a sole proprietorship?
The right of all partners to contract for a partnership is calleda. Mutual agency.b. A partnership.c. A partner’s agreement.d. Voting rights.e. None of these answers
Explain what mutual agency means in terms of a partnership.
Two of your friends own The Gold Medal, a sports restaurant. They may have to close it because, as partners, they disagree about expanding.INSTRUCTIONS1. Acting as a mediator, role-play the partners’ conflict with two classmates. Have them discuss their expansion disagreement.2. Write down all
a. When assets other than cash are invested in a partnership, at what amount are the assets recorded?b. What is the journal entry to record a partner’s investment of cash?
Assume that Bernard’s Novelty is a partnership. Which transaction would occur if Partner A withdraws cash for personal use to purchase an automobile?a. Debit Salary Expense and credit Cashb. Debit Cash and credit Partner A, Withdrawalc. Debit Partner A, Withdrawal and credit Cashd. Debit Capital
Listed here are the net income and the method of dividing net income or net loss for several partnerships. InstructionsUse the form provided in your working papers to determine each partner’s share of the net income. Net Income 1. $45,000 2. $89,700 3. $22,000 4. $32,000 5. $92,700 Method of
Three people form a partnership. A invests $10,000; B, $25,000; and C, $35,000. If they share net income of $100,000 based on their original investments, what is the profit sharing ratio, and how much would each partner receive?
One way a company can increase sales is to enter a foreign market in a joint venture with a local firm. The two companies share capital, technology, risks, rewards, and control. The local company offers cultural knowledge and business contacts. Joint ventures require a lower investment than other
a. What accounts are affected when a partner withdraws cash for personal use?b. What determines the amount of cash or other assets a partner may withdraw from the business for personal use?
If a partner invests a noncash asset in the partnership, the amount to be debited and credited would bea. The asset’s cost.b. The asset’s book value.c. The asset’s current market value.d. An amount determined by the investing partner.
Listed here are an individual partner’s investments for several partnerships.InstructionsUsing the form provided in your working papers, calculate Partner A’s percentage ownership in each partnership. Partnership Partner A's Investment Total Partnership
Explain the purpose of withdrawals accounts for a partnership.
Entrepreneurs recognize and meet the needs of the business world. They must organize, manage, and assume risks. If you plan to be a sole proprietor, partner, or corporate executive, you will need the same traits.PERSONAL FINANCE ACTIVITYMicrosoft’s Bill Gates and TV executive and personality
a. What factors do partners usually consider when deciding on how the profits and losses of the partnership will be divided?b. Name three methods partners might use to divide profits and losses.
Rewrite: 3/5 as a decimal.a. 1.67b. .4c. .6d. .0167
Analyze what you believe to be the most important advantage and disadvantage of the partnership form of organization.
The net income or net loss from a partnership represents a return on the equity the partners invested in the business. Return on equity states a company’s net profit or net loss as a percentage of equity. To compute it, divide net income by equity. Partners may invest different amounts of equity,
On May 1 Jason Pua and Roy Nelson formed the partnership called JR Landscaping. Jason contributed $8,100 cash and all of his landscaping equipment. Jason had purchased the equipment for $2,500 last year. The market value of this equipment is now $1,800. Roy contributed $1,000 cash and his truck to
Defend the statement that a partnership agreement is advisable.
Mariela DeJesus and Natasha Faircloth started the partnership In Shape Fitness. Mariela contributed a capital balance of $35,000. Natasha’s capital contribution totaled $45,000. Their partnership agreement specified sharing net profits and net losses on the basis of their capital balances. The
Jo Garrity, Maureen O’Riley, and David White decided to form a partnership called OnTime Copy Shop. The partners will invest the following assets in the business: They are considering the following plans for the division of net income or net loss:1. Equally2. Garrity, 20%; O’Riley, 40%;
Toni Graff, Ahmad Nu, and Lindsay Pane are partners in Travel Essentials. Their partnership agreement stated that withdrawals would be 10 percent for each partner based on the partnership’s net profits or net losses recorded for the year. In the first year of operation, the partnership reported
Barbara Scott and Martin Towers are partners in the firm of Ten Column Accounting Services. Their partnership agreement states that Scott and Towers share net income or net loss in a 3:2 ratio.At the end of the period, December 31, the business had a net loss of $9,700. During the period Scott
Imagine that you have been asked to explain the following terms and how they might relate to a timber company organized as a partnership. dissolution liquidation statement of changes in partners' equity
When there is a net loss, thea. Capital account is increased by the amount of the net loss.b. Drawing (Withdrawals) account is increased by the amount of the net loss.c. Capital account is decreased by the amount of the net loss.d. Drawing (Withdrawals) account is decreased by the amount of the net
Separate the businesses into for-profit and not-for-profit categories.
people how they see you. Ask at least 10 people to name three words they think describe you. Ask them to give you descriptive words such as these:• Dependable• Fun• Quick-thinking• DecisiveDo not just choose friends. Ask teachers, co-workers, rela tives, and others who are willing to give
Compare and contrast merchandising and manufacturing businesses.
a. Describe the relationship between assets and equities.b. Name the two types of equities in a business, and give an example of an account that is used for each type.
If a customer sends in a payment on his account owed, which of the following statements is true?a. One asset increases and another asset decreases.b. One asset increases and one liability decreases.c. One liability decreases and owner’s equity increases.d. One liability increases and owner’s
Does owner’s equity increase every time a business acquires a new asset? Explain your answer.
Regina Delgado, owner of Hot Suds Car Wash, uses these accounts:In your working papers:1. Determine which accounts are affected for each transaction.2. Prepare T accounts for the accounts affected.3. Enter the amount of the debit and the amount of the credit in the T accounts. General Ledger 101
Accounts that are continuous from one accounting period to the next and balances are carried forward are referred to as a. Permanent accounts.b. Fiscally continuous.c. Post-closing assets.d. Signature accounts.
Your business receives a refund check from the utility company because it overcharged your business in the past. Which account is debited? Which account is credited?
Each of the following is a business expense except a payment fora. Equipmentb. Advertisingc. Rentd. Utility bills
Abe Shultz, owner of Kits & Pups Grooming, uses the following accounts to record transactions for the month.For each transaction:1. Prepare a T account for each account listed.2. Enter a balance of $15,000 in the Cash in Bank account; also enter a balance of $15,000 in the Abe Shultz, Capital
Which temporary accounts affect profit or loss for an accounting period?
If the owner of a company takes merchandise for personal use, what account is debited?a. Owner’s capitalb. Owner’s withdrawalsc. Purchasesd. Cash
Juanita Ortega operates Outback Guide Service. She uses the following accounts to record and summarize her business transactions. For each transaction:1. Prepare a T account for each account the business uses. 2. Analyze and record each of the following transactions using the appropriate T
Write an equation for owner’s equity at the end of an accounting period. Start the equation with “Beginning Owner’s Capital” and end the equation with “Ending Owner’s Equity.”
Greg Failla owns Showbiz Video. He uses the following accounts to record business transactions.For each transaction:1. Prepare a T account for each account listed above.2. Analyze and record each of the following transactions using the appropriate T accounts. Identify each transaction by number.3.
Evaluate the practice of using temporary accounts for recording certain transactions, as opposed to using the owner’s capital account.
Recording account information in chronological order is calleda. Posting.b. Journalizing.c. Analyzing.d. Processing.
What term describes any accounting period of 12 months?
Jacqueline earns 18% commission on sales. Her sales for three months were: $2,870, $3,150, and $3,940. What was her total commission for the three months?a. $9,960.00b. $1,792.08c. $1,792.80d. $1,792.81
Signed a 90-day, 10% notea. Debit Cash, credit Notes Receivableb. Debit Cash, credit Notes Payablec. Debit Accounts Receivable, credit Cashd. Debit Cash, credit Accounts Receivable
Explain what a promissory note is and distinguish between the two types, notes payable and notes receivable.
Moreno’s Italian Oven is open seven days a week for lunch and dinner. The restaurant seats 60 patrons in a day and averages 90 percent capacity. It is considering expanding into the space adjacent to the restaurant. The cost to remodel the area and buy additional kitchen and restaurant equipment
You work for a large property management company. Your boss, Joan, is the senior accountant; and her boss, Frank, is vice president. For the past several months, Joan has been coming to work late, taking long lunches, and leaving early. When Frank calls, she has asked you to tell him that she is
You write the copy for and design brochures to highlight New South Bank’s many financial products. Today you were asked to prepare a brochure explaining the value of non-interest-bearing notes. Write the copy for this brochure. Design it by hand or on a computer.
As a staff accountant for Advanced Micro Devices, you have been asked to discuss the company’s notes payable and receivable with the accounting clerks. Prepare note cards containing the terms below. Arrange these terms in meaningful groups. Explain why you have grouped terms together. Are they
a. Name the two parties to a promissory note. Which party issues the note? Which party receives the note?b. Describe a situation in which a business might (a) receive a promissory note and (b) issue a promissory note.
Explain how an interest-bearing note and a non-interest-bearing note differ.
Good Times Amusement Park has offered you a full-time job. Before you can accept it, you must arrange for transportation.INSTRUCTIONS List estimated costs of owning a car compared to using other transportation. How would each impact the use of your time and your budget?
a. What type of account is Notes Payable, and what is its normal balance?b. What type of account is Notes Receivable, and what is its normal balance?
Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its account, $990.00 Notes Receivable No. 5. The credit for this transaction would be made toa. Accounts Payable.b. Accounts Receivable.c. Notes Payable.d. Notes Receivable.
Morton Co. accepts a 60-day, 11% note from Anderson Imports for an extension of time on its account, $990.00 Notes Receivable No. 5. The effect of this transaction on the customer’s account in the accounts receivable ledger isa. To decrease the account balance.b. To increase the account
Calculate the amount of interest to be charged on a $12,000, 8.5%, 90-day interest-bearing note.
The International Finance Corporation (IFC) helps finance projects in developing countries to reduce poverty and improve people’s lives. Projects must be profitable and benefit the host country’s economy. For instance, it has provided loans of about $44 million to build a hospital and clinic in
On June 12 Frank’s Lobster Pound issued a $9,000, 120-day, 12% note payable to American Bank of Commerce.1. Which account is debited? What is the debit amount?2. Which account is credited? What is the credit amount?3. What is the classification of each account?4. What is the maturity value of the
a. What is the difference between interest-bearing and non-interest-bearing notes?b. What is the difference between interest and a bank discount?
Find the interest and maturity value for a 60-day note with principal of $1,500 and interest at 8 percent.a. $120.00 interest; $1,620.00 maturity valueb. $32.88 interest; $1,532.88 maturity valuec. $3.29 interest; $1,503.29 maturity valued. $19.74 interest; $1,519.74 maturity value
Explain the difference between interest expense and interest income.
Use these accounts to analyze the business transactions of WordService.On the form provided in your working papers, identify the accounts affected by each transaction and the amount of increase or decrease in each account. Make sure the accounting equation is in balance after each transaction.1.
The accounting equation is ASSETS LIABILITIES OWNER’S EQUITY. Property ASSETS Items of value owned by the business || Financial Claims LIABILITIES Financial claims of creditors OWNER'S EQUITY Financial claims of owners
As it is used in accounting, the term equities refers to the financial claims on assets (property).The two types of equities in a business are• Creditors’ financial claims, called liabilities, and• The owner’s financial claims, called owner’s equity.
Use these account balances to complete the next two questions: If the balance in Accounts Payable is $2,000.00 and Grooming Revenue is $400.00, what is the correct balance for the Accounts Receivable account? Cash in Bank Accounts Receivable Office Supplies Office Furniture Office
a. What is the accounting equation?b. Give an example of an account for each part of the accounting equation.
If owner’s equity is $25,500, and assets are $37,600, liabilities are.a. $25,500.b. $37,600.c. $63,100.d. $12,100.
a. What is double-entry accounting?b. Define the terms debit and credit.
a. What is meant by the term normal balance?b. What is the normal balance for asset accounts? For liability accounts? For the owner’s capital account?
Regina Delgado owns a business called Hot Suds Car Wash. She uses the following accounts:For each transaction:1. Determine which accounts are affected.2. Prepare T accounts for the accounts affected.3. Enter the debit and credit amounts in the T accounts. General Ledger 101 Cash in Bank 110
For each of the following transactions, state whether Cash in Bank is debited, credited, or not changed: (a) The business paid cash for a desk; (b) The business bought a computer on account; (c) A customer paid an outstanding invoice.
a. What is the purpose of a T-account?b. Name the three basic parts of a T-account.
Abe Shultz owns Kits & Pups Grooming and uses the following accounts:For each transaction:1. In your working papers, prepare a T account for each account listed.2. Using the appropriate T accounts, analyze and record each of the following business transactions. Identify each transaction by
What is the relationship of a T-account to a ledger account?
a. What are the six steps used to analyze a business transaction?b. Explain briefly what is meant by the following phrase:A debit of $100 to Cash in Bank
Think of a business you would like to open. Create a chart of accounts for the business. Include at least 10 different accounts.
Juanita Ortega runs Outback Guide Service. The accounts she uses to record and report business transactions are listed below.For each transaction:1. In your working papers, prepare a T account for each account.2. Analyze and record each of the following business transactions in the appropriate T
Evaluate the usefulness of double-entry accounting.
Caroline Palmer uses the following accounts in her San Francisco–Los Angeles commuter shuttle service.In the form provided in your working papers, provide the following information for each account. The first account is completed as an example.1. Classify the account as an asset, liability,

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