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glencoe accounting first year course

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

An auditor reviewed the accounting records of Showbiz Video. The auditor wrote a list of transactions, outlined below, describing the errors discovered in the March records. The general journal for March and a portion of the general ledger are included in your working papers.Instructions1. Record
a. Preparing the work sheet is which step of the accounting cycle?b. What is the purpose of the work sheet?
Predict what would happen if a revenue account balance were not extended to the Income Statement section of the work sheet.
A net loss will appeara. In the debit column of the Income Statement on the work sheet.b. In the credit column of the Income Statement on the work sheet.c. In the debit column of the Trial Balance.d. On the Post-Closing Trial Balance.
The general ledger for Hot Suds Car Wash shows the following account balances on May 31, the end of the period.InstructionsPrepare a work sheet for Hot Suds Car Wash in your working papers. 101 105 110 115 120 125 130 135 201 205 301 305 310 401 405 410 501 505 510 520 530 Cash in Bank Accts.
Why is the net income amount entered in the Credit column of the Balance Sheet section? Why is net loss entered in the Debit column?
The amount of net income for the period is added to the Balance Sheet credit total because it increases the balance in the ________ account.a. Accounts receivableb. Accounts payablec. Assetd. Capital
a. Explain how to record net income or net loss on the work sheet.b. How does net income affect owner’s equity? How does net loss affect owner’s equity?
The ending balances in the general ledger accounts of Wilderness Rentals for the period ended May 31 follow. InstructionsPrepare a work sheet for the period ended May 31.1. Write the heading on the work sheet.2. List all of the accounts in the Account Name and Trial Balance sections. For each
The following accounts have balances and appear in the Account Name section of the work sheet for Lee’s Bike Shop.InstructionsUse a form similar to the one below in your working papers or on a separate sheet of paper. For the above accounts, enter an “X” in the column where the account
What items do you need to complete the six-column work sheet? Include office supplies and forms as well as any information that will be needed.
Revenue and expense accounts are listed in the Trial Balance section of the work sheet and in the ________ of the work sheet.a. Retained Earnings statementb. Balance Sheet sectionc. Income Statement sectiond. Accounts Payable section
a. Which section of the work sheet should you complete first?b. Why are all accounts, including those with zero balances, listed on the work sheet?
Based on the invoice presented here, answer the following questions in your working papers. 1. Which company shipped the supplies?2. Which company ordered the supplies?3. On what date were the supplies received?4. What does one box of file folders cost?5. How many ring binders were ordered? 6.
How would an organizational chart that depicts who reports to whom help with the transition?
Explain why the Trial Balance section is completed first.
The asset, liability, and owner’s equity accounts are extended to the ________ of the work sheet.a. Balance Sheet sectionb. Income Statement sectionc. Retained Earnings statementd. Trial Balance
a. Name and briefly describe the five sections of a six-column worksheet.b. List the items that are included in the work sheet heading.
You just finished the work sheet for the third quarter and it looks like your company will make a considerable profit. In the second quarter, the company had a net loss. On a separate sheet of paper, write a memo to your boss, Tonya Newman, asking her to review your trial balance and work sheet.
A(n) ________ results when revenue is larger than expenses.a. Debitb. Net incomec. Net lossd. Credit
Name the types of accounts whose balances are extended to the Income Statement section of the work sheet.
You work for Creative Advertising as an assistant to the company’s accountant. You are preparing a work sheet for the month of July. The trial balance totals are $127,750, and you have extended the account balances to the amount columns in the Balance Sheet and Income Statement sections. After
The following accounts appear on the work sheet for Lee’s Bike Shop.Use a form similar to the one below in your working papers. Classify each account and use an “X” to indicate whether the account balance is entered in the Debit or the Credit column of the Trial Balance section. The first
Imagine that you are employed as an auditor for a public accounting firm like PricewaterhouseCoopers. You and a co-worker, Mark, have been sent to Chicago to perform an audit. You have an allowance of $200 a day to cover lodging, meals, and transportation. At the end of the trip, you are to turn in
The account balances in the general ledger of Kits & Pups Grooming at the end of May are: InstructionsPrepare a work sheet for the month ended May 31 for Kits & Pups Grooming in your working papers. 101 105 110 115 120 125 130 135 140 145 201 205 207 301 305 310 Cash in Bank Accts.
What is the value of the matching principle?
a. List the sections of the income statement.b. How is net income or net loss calculated?
a. What is the purpose of the income statement?b. What is the source of information used to prepare the income statement?
As a game store owner, you want to develop an information sheet for the store manager. Explain the importance of financial statement preparation using these key terms. balance sheet current assets current liabilities current ratio financial statements income statement liquidity
The balance sheet shows how a business is doinga. For a period of 12 months.b. On a specific date during the year.c. Regarding its profit or loss.d. All of the above
Name the one piece of information that is included on both the income statement and the statement of changes in owner’s equity.
Taki Yamamoto owns a video arcade business called Arcadia. Taki has hired your accounting firm to record Arcadia’s financial information. Taki hands you a folder containing these documents:• Canceled checks with June dates: $800 for rent, $120 for electricity, $70 for telephone service, $180
Based on the receipt shown here, answer the following questions in your working papers.1. What is the name of the business that received the money?2. How much money was received?3. Who paid the money?4. Why was the money paid?5. When was the payment made?6. Who received the money and made out the
Financial statements are prepared in the following order:a. Income statement, balance sheet, owners’ equity.b. Income statement, statement of owners’ equity, balance sheet.c. Statement of owners’ equity, balance sheet, income statement.d. Balance sheet, income statement, statement of
Use the balance sheet and income statement shown to prepare a statement of changes in owner’s equity. (The owner made an additional investment of $4,000 and withdrew $1,500 during the period.) Identify the largest expense for this business during the period. Revenue: Expenses: Outback Guide
Your favorite uncle, who owns a restaurant, has asked you to help with his bookkeeping. He desperately needs a bank loan and wants you to prepare the financial statements. After going over his accounting records, you do not believe a bank will give him a loan; but you notice that by leaving out an
The work sheet for Wilderness Rentals for the month ended September 30, 20-- is in your working papers. Using the work sheet, prepare an income statement for Wilderness Rentals.
The balance sheet reports the balances in the permanent accounts at the end of the period. It states the financial position of a business on a specific date. Information comes from the Balance Sheet section of the work sheet and the statement of changes in owner’s equity.
a. What is the purpose of the balance sheet?b. How does the date in a balance sheet heading differ from the other financial statements?
During the month of February, Tom had the following transactions involving revenue and expenses:Paid $75 phone billProvided services to clients for $1,200 cashPaid salaries of $650 to employeesPaid $125 for computer maintenanceProvided services on account totaling $2,000What was Tom’s net income
What items are needed to complete the first three financial statements? List office supplies, forms, and any information needed.
a. What is the purpose of the statement of cash flows?b. Why does management need the information in the statement of cash flows?
The statement of cash flows reports how much cash the business took in and paid out during the period and why the Cash in Bank account increased or decreased.
a. What sources of information are used to prepare the balance sheet?b. How are balance sheet account names shown using the report form?
Assess the value of using the income statement, the statement of changes in owner’s equity, and the balance sheet for making business decisions.
Explain why the date line on the balance sheet is different from the one on the other statements.
The financial transactions affecting the capital accounts of several different businesses are summarized below. Beginning Capital 1. $60,000 2. 24,075 3. 28,800 4. 0 5. 6,415 6. 20,870 a Investments $ 500 0 1,000 10,500 0 1,300 Revenue $
The statement of changes in owner’s equity summarizes the impact that the period’s business transactions had on the capital account.
a. What is the purpose of the statement of changes in owner’s equity?b. What sources of information are used to prepare the statement of changes in owner’s equity?
The purpose of the Income Statement is to reporta. All assets, liabilities, and owner’s equity at a specified time. b. all the accounts used in journalizing a business’s transactions.c. Balances in the capital accounts in order to determine the net income or loss.d. The net income or loss for a
The net income computed on the income statement is different from the amount computed on the work sheet. How do you resolve this problem?
The Gawle Company is a family-owned and operated appliance rental and repair business. The income statement for the month ended August 31 includes the following: Calculate the return on sales for the month for The Gawle Company. Rental Revenue Repair Revenue Advertising Expense Maintenance
a. In a statement of changes in owner’s equity, what items are totaled in the “Add” section?b. What items are subtracted from the subtotal?
At the end of a fiscal period when a balance sheet is prepared, from which document may we find the ending owner’s capital balance?a. Worksheetb. Trial Balancec. Income Statementd. Statement of Changes in Owner's Equity
Explain why the Withdrawals account is reported on the statement of changes in owner’s equity but is not reported on the income statement.
Computer viruses “reproduce” themselves in computer programs, slowing the system or destroying data. A friend gives you a computer game with a harmless virus. To add some fun at work, you load the game onto the company’s network.What would you do?Who are the affected parties?How do the
The trial balance for the Hot Suds Car Wash is listed below and in your working papers. 1. Complete the work sheet in your working papers.2. Prepare an income statement for the quarter ended September 30, 20--.3. Prepare a statement of changes in owner’s equity. Regina Delgado made no
The general ledger accounts and balances for Kits & Pups Grooming follow. 1. Prepare a work sheet for the month ended September 30, 20--.2. Prepare an income statement for the period.3. Prepare a statement of changes in owner’s equity. Abe Shultz made an additional investment of $2,500
a. What is the purpose of computing ratios from amounts on financial statements?b. Who might be interested in the profitability ratio of a business?
Prepare closing entries for the following in your working papers.1. A closing entry must be made for the account Ticket Revenue, which has a balance of $6,000.2. A business has three expense accounts: Gas and Oil Expense (balance, $700), Miscellaneous Expense (balance,
The eighth step in the accounting cycle is to journalize and post the closing entries:• Closing is the process of transferring the balances in the temporary accounts to the owner’s capital account.• The asset, liability, and owner’s capital accounts are never closed.
On a separate sheet of paper, write a brief definition for each of the following terms. closing entries compound entry Income Summary account post-closing trial balance
a. Which accounts are considered temporary accounts?b. Why are temporary accounts closed at the end of the fiscal year?
Which of the following accounts needs no closing entries?a. Capitalb. Supplies Expensec. Fees Owedd. All of the above
Why are the temporary accounts closed to the owner’s capital account at the end of the accounting period?
At the end of December, the general ledger for Job Connect showed the following account balances:Using the preceding account names and balances:1. Prepare the six-column work sheet. The period covered is one month.2. Prepare the financial statements.3. Record the closing entries on page 28 of the
The general ledger for Show biz Video shows the following at December 31:Using the preceding account names and balances:1. Prepare the six-column work sheet. The period covered is one month.2. Prepare the financial statements. Greg Failla invested $10,000 during the month.3. Record the closing
What items do you need to journalize the closing entries? Include office supplies and forms as well as any information that will be needed.
Which of the following will not appear on a post-closing trial balance?a. Accounts Payableb. Salesc. Owner’s Capitald. Cash
Prepare four closing entries:a. Close the revenue account(s) to Income Summary.b. Close the expense accounts to Income Summary. c. Close Income Summary to the owner’s capital account. d. Close the owner’s withdrawals account to the owner’s capital account. 1 20-- 2 Dec. 31
a. What is the source of information for the closing entries? b. List the steps for journalizing the closing entries.
A portion of the work sheet for Wilderness Rentals for the period ended December 31 follows. Using the information from the work sheet, prepare the journal entries to close the temporary accounts.1. Record the closing entry for the revenue account.2. Record the closing entry for the expense
Make the closing entries for (a) a $5,000 net income for the year ending December 31 and (b) a $4,000 net loss for the quarter ending June 30.
Using the source document:1. Journalize the transaction in a general journal in your working papers.2. Post the entry to the appropriate T accounts.3. Assume it is the end of the accounting period. Record the closing entry for this account in the general journal.4. Post the closing entry to the
The Income Summary account has two purposes:• To accumulate the revenue and expenses for an accounting period, and• To summarize the revenue and expenses for an accounting period.
a. What is the purpose of the Income Summary account?b. How does the Income Summary account differ from the other temporary accounts?
After adjusting and closing entries have been posted,a. Balance sheet is prepared.b. Trial balance is prepared.c. Post-closing balance sheet is prepared.d. Post-closing trial balance is prepared.
The following list contains some of the accounts used by Living Well Health Spa.Using the form in your working papers:1. In the first column, indicate the financial statement where each account appears: balance sheet or income statement.2. In the next column, indicate whether or not the account is
Income Summary is a temporary owner’s equity account used to record net income or net loss:• A credit balance (net income) in Income Summary increases capital.• A debit balance (net loss) decreases capital.• The Income Summary account does not have a normal balance. That is, it does not
a. Explain the relationship between the Income Summary account and the capital account.b. Why doesn’t the Income Summary account have a normal balance?
The Capital account balance minus the net loss minus the Drawing account balance equalsa. Net loss.b. Total liabilities.c. The capital amount shown on a balance sheet.d. The capital amount shown on an income statement.
Compare and contrast the closing entry for an expense account and the closing entry for the withdrawals account.
Use the accounts shown on the next two pages to prepare a Dec. 31 post-closing trial balance for Hot Suds Car Wash. Cash in Bank Credit Accounts Receivable- Valley Auto Debit Credit + Balance 5,050 Debit + Balance 8,000 Office Furniture Credit Accounts Payable- Allen Vacuum
After the closing entries have been journalized, follow this procedure:• Post them to the general ledger.• For each posted entry, enter the words Closing Entry in the Description column of the general ledger account.
a. Classify the Income Summary account (asset, liability, owner’s equity, revenue, or expense).b. How is the posting procedure for closing entries different from the posting procedure for other general journal entries?
At the end of the fiscal period, the income summary account shows a credit balance of $3,500. This income summary account balance will be closed out to which account?a. A debit to owner’s capitalb. A credit to owner’s capitalc. A debit to owner’s revenued. A credit to owner’s withdrawals
What is the value of preparing a post-closing trial balance?
The ninth step in the accounting cycle is to prepare a post-closing trial balance. Only the permanent accounts are listed on the post-closing trial balance. Roadrunner Delivery Service Post-Closing Trial Balance December 31, 20-- Cash in Bank Accts. Rec. City News Computer Equipment Office
Period ending December 31 closing entries for Outback Guide Service are: Using your working papers, post the closing entries to the appropriate general ledger accounts and prepare a post-closing trial balance. DATE DESCRIPTION 1 20-- Closing Entries 2 Dec. 31 Guide Service Revenue Income
a. What is the purpose of the post-closing trial balance?b. Why does the post-closing trial balance have balances of only permanent accounts?
A business in which two or more persons combine their assets is called a(an) a. Corporation.b. Sole proprietorship.c. Partnership.d. Merchandising business.e. None of these answers.
The characteristics or traits needed to set up an owner-operated business and to run it successfully are listed below. Rank yourself, indicating whether this trait is most like you or least like you. Use the form provided in your working papers.List the categories in which you ranked 3 or lower.
The three types of business operations follow:• Service businesses provide needed services, such as medical, legal, hair styling, and lawn mowing, for a fee.• Merchandising businesses buy products and resell them.• Manufacturing businesses use labor and machinery to transform raw materials
a. Name and describe the three types of business operations.b. What is the major difference between a merchandising business and a manufacturing business?
An example of an accounting assumption is a(n) a. Accounting system.b. Accounting statement.c. Going concern.d. Computerized accounting.
What is the difference between a sole proprietorship and a partnership?
Interview two or three local entrepreneurs. If you need help finding entre preneurs, contact your local chamber of commerce or other business organizations.Conduct the interviews, and then write a general pro file of the qualities and skills of a successful entre preneur. Use information from all
Imagine that you work for a local day-care center. You attend a company meeting to discuss new services that would help the center stand out from its competition. You think you can use the services discussed to become an entrepreneur—by opening your own day-care center.What are the
Mr. Tirado has read the memo and wants to talk with you. Pair up with another student and role-play the conversation, one of you as the accounting clerk, the other as Mr. Tirado. Discuss how you will fix the mistake.
Imagine that you are the manager of Valley Skateboard Shop. The accountant for the business has delivered the news that sales are down by 15 percent compared to last month. She also reports that the rent on the building will be increasing next month by $100. You believe the shop needs a more

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