Questions and Answers of Horngrens Accounting 11th Canadian

On June 15, 2023, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment.
On February 28, 2023, Rural Tech Support purchased a copy machine for $53,400. Rural Tech Support expects the machine to last for six years and have a residual value of $3,000. Compute depreciation
This problem continues the Canyon Canoe Company situation from Chapter F:8. Canyon Canoe Company has experienced rapid growth in its first few months of operations and has had a significant increase
On January 1, 2024, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual
On January 1, 2024, Air Canadians purchased a used airplane for $37,000,000. Air Canadians expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of
The comparative financial statements of Norfolk Cosmetic Supply for 2024, 2023, and 2022 include the data shown here:Requirements1. Compute these ratios for 2024 and 2023:a. Acid-test ratio (Round to
Dialex Watches completed the following selected transactions during 2024 and 2025:Requirements1. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming the accounts begin with a
Carley Realty loaned money and received the following notes during 2024.Requirements1. Determine the maturity date and maturity value of each note.2. Journalize the entries to establish each Note
At September 30, 2024, the accounts of Spring Mountain Medical Center (SMMC) include the following:During the last quarter of 2024, SMMC completed the following selected transactions:Requirements1.
Delta Watches completed the following selected transactions during 2024 and 2025:Requirements1. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming the accounts begin with a
On August 31, 2024, Forget-Me-Not Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit balance in Allowance for Bad Debts. During September, Forget-Me-Not made the
On August 31, 2024, Bouquet Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit balance in Allowance for Bad Debts. During September, Bouquet made:• Sales on
At September 30, 2024, the accounts of Green Terrace Medical Center (GTMC) include the following:During the last quarter of 2024, GTMC completed the following selected transactions:Requirements1.
This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Visit http://www.pearsonhighered .com/Horngren to view
Unique Media Sign sells on account. Recently, Unique reported the following figures:Requirements1. Compute Unique’s days’ sales in receivables for 2024.2. Suppose Unique’s normal credit terms
Abanaki Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for comparison.Requirements1. Calculate Abanaki’s acid-test ratio for 2024. (Round to two
Professional Steam Cleaning performs services on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2024, the company completed
The following selected transactions occurred during 2024 and 2025 for Baltic Importers. The company ends its accounting year on September 30.Journalize all required entries. Make sure to determine
On September 30, 2024, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31.Requirements1. Journalize all entries for Team Bank related to the
During August 2024, Lima Company recorded the following:• Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Sold.• Collections on account, $106,400.• Write-offs of
At December 31, 2024, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debts account has a $24,110 debit balance. GPS Technology prepares the following aging
At January 1, 2024, Hilltop Flagpoles had Accounts Receivable of $28,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Hilltop Flagpoles recorded the following
Desert Landscape Supply completed the following selected transactions during 2024:Journalize the transactions for Desert Landscape Supply using the allowance method. Include the name of the customer
Silver Clothiers reported the following selected items at April 30, 2024 (last year’s—2023—amounts also given as needed):Compute Silver’s (a) Acid-test ratio, (b) Accounts
What is the difference between the percent-of-receivables and aging-of-receivables methods?
Surf and Sun had the following balances at December 31, 2024, before the year-end adjustments:The aging of accounts receivable yields the following data:Requirements1. Journalize Surf and Sun’s
McKale Company has a three-month, $18,000, 9% note receivable from L. Peters that was signed on June 1, 2024. Peters defaults on the loan on September 1.Journalize the entry for McKale to record the
The Accounts Receivable balance and Allowance for Bad Debts for Signature Lamp Company at December 31, 2023, were $10,800 and $2,000 (credit balance), respectively. During 2024, Signature Lamp
Refer to the data in Short Exercise S-F:4-1. Prepare Dalton’s classified balance sheet at December 31, 2024. Assume the Notes Payable is due on December 1, 2031. Use the report form.Short Exercise
The Accounts Receivable balance for Lake Company at December 31, 2023, was $20,000. During 2024, Lake earned revenue of $454,000 on account and collected $325,000 on account. Lake wrote off $5,600
Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off method to account for uncollectible receivables. At April 30, 2024, Valley’s accounts receivable totaled $19,000.
Spring Garden Greenhouse had trouble collecting its account receivable from Steve Stone. On June 19, 2024, Spring Garden Greenhouse finally wrote off Stone’s $600 account receivable. On December
Amazon.com, Inc. opened its virtual doors in July 1995. The business serves customers through its retail Web sites and physical stores and focuses on selection, price, and convenience. The company
Refer to the data in Short Exercise S-F:4-1. Prepare Dalton’s unclassified balance sheet at December 31, 2024. Use the account form.Short Exercise S-F:4-1Dalton Hair Stylists’ adjusted trial
This problem continues the Crystal Clear Cleaning situation from Chapter F:2. Start from the unadjusted trial balance that Crystal Clear Cleaning prepared at November 30, 2024:Consider the following
At December 31, the business gathers the following information for the adjusting entries: a. Office supplies on hand, $165. b. Rent of one month has been used. c. Determine the
Pretty Pictures works weddings and prom-type parties. The balance of Lemon, Capital was $20,000 at December 31, 2023. At December 31, 2024, the business’s accounting records show these
Calculate the Accounts Payable balance. May 2 May 22 Accounts Payable 6,000 11,500 21,000 500 8,500 500 May 1 May 5 May 15 May 23
When are debits increases? When are debits decreases?
Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances.Prepare the trial balance of Smithson Floor
The accounts of Anderson Moving Company follow with their normal balances as of August 31, 2024. The accounts are listed in no particular order.Prepare Anderson’s trial balance as of August 31,
When are credits increases? When are credits decreases?
The T-accounts of McMahon Farm Equipment Repair follow as of May 31, 2024.Prepare McMahon Farm Equipment Repair’s trial balance as of May 31, 2024. ASSETS Cash 31,000 14,000 1,800 800 400
The following trial balance of Joy McDowell Tutoring Service as of May 31, 2024, does not balance.Investigation of the accounting records reveals that the bookkeeper: a. Recorded a $400 cash
The accountant for Countryside Painting Specialists is having a hard time preparing the trial balance as of November 30, 2024:Prepare the corrected trial balance as of November 30, 2024. Assume all
John Hart, M.D., reported the following trial balance as of September 30, 2024: Calculate the debt ratio for John Hart, M.D. Account Title Cash Accounts Receivable Office
Ann Simpson started her practice as a design consultant on September 1, 2024. During the first month of operations, the business completed the following transactions:Requirements 1. Record each
Terrence Murphy opened a law office on January 1, 2024. During the first month of operations, the business completed the following transactions: Requirements 1. Record each transaction in
Josh’s Pool Service had the following selected accounts and normal balances listed on its December 31 adjusted trial balance:Journalize the closing entries for Josh’s Pool Service. Service
Target Corporation—like all other businesses—makes adjusting entries at year-end in order to measure assets, liabilities, revenues, and expenses properly. Examine Target Corporation’s balance
XM, Ltd. was a small engineering firm that built high-tech robotic devices for electronics manufacturers. One very complex device was partially completed at the end of 2024. Barb McLauren, owner and
The net income of Steinbach & Sons, a landscaping company, decreased sharply during 2024. Mort Steinbach, owner and manager of the company, anticipates the need for a bank loan in 2025. Late in
iHeartMedia, Inc. in their annual report for the year ending December 31, 2018, state that the plant assets reported on its balance sheet includes the following:Depreciation is computed using the
The trial balance as of July 31, 2024, for Sheila Sanchez, Registered Dietician, is presented below:Requirements 1. Prepare the income statement for the month ended July 31, 2024. 2.
The trial balance of John Menning, CPA, is dated March 31, 2024: During April, the business completed the following transactions:Requirements 1. Record the April transactions in the journal
Beth Stewart started her practice as a design consultant on November 1, 2024. During the first month of operations, the business completed the following transactions:Requirements 1. Record each
Theodore McMahon opened a law office on April 1, 2024. During the first month of operations, the business completed the following transactions: Requirements 1. Record each transaction in
The trial balance as of July 31, 2024, for Sara Simon, Registered Dietician, is presented below.Requirements 1. Prepare the income statement for the month ended July 31, 2024. 2. Prepare
The trial balance of Shawn Merry, CPA, is dated March 31, 2024: During April, the business completed the following transactions:Requirements 1. Record the April transactions in the journal.
Use your answer from Exercise E-F:4-20 to prepare Data Solution’s financial statements. Data from Exercise E-F:4-20The unadjusted trial balance of Data Solution at November 30, 2024,
On September 1, 2024, Salem Landscaping collected $24,000 in advance from customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending August 31,
What is a deferred revenue? Provide an example.
On October 1, 2024, Kitchen Design paid $15,000 for store rent covering the six-month period ending March 31, 2025. Requirements 1. Journalize the entry on October 1 by using the alternative
Walker’s Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances.Prepare the adjusted trial balance for Walker’s Tax
Resort Travel borrowed $33,000 on September 1, 2024, by signing a one-year, 6% note payable to State One Bank. Requirements 1. Calculate the amount of interest expense to accrue at December 31,
The unadjusted trial balance of Farish Investment Advisers at December 31, 2024, follows:Adjustment data at December 31, 2024: a. Unearned Revenue earned during the year, $800. b. Office
The adjusted trial balance of Boston Irrigation System at December 31, 2024, follows: Requirements 1. Prepare the company’s income statement for the year ended December 31, 2024. 2.
The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2024, follows:Requirements 1. Prepare the company’s income statement for the year ended June 30, 2024. 2. Prepare the
Mountain View Services had the following unadjusted balances at December 31, 2024: Salaries Payable, $0; and Salaries Expense, $1,900. The following transactions have taken place at the end of 2024
Houston Veterinary Hospital completed the following worksheet as of December 31, 2024.Requirements 1. Complete the worksheet for Houston Veterinary Hospital. 2. Prepare the closing
Mark’s Bowling Alley’s adjusted trial balance as of December 31, 2024, is presented below:Requirements 1. Prepare the closing entries for Mark’s Bowling Alley. 2. Prepare a post-closing
Selected accounts for Kebby Photography at December 31, 2024, follow:Requirements 1. Journalize Kebby Photography’s closing entries at December 31, 2024. 2. Determine Kebby Photography’s
What are reversing entries? Are they required by GAAP?
End of the Line Montana Refrigeration has these account balances at December 31, 2024:Requirements 1. Calculate End of the Line Montana Refrigeration’s current ratio. 2. How much in current
The unadjusted trial balance of Data Solution at November 30, 2024, follows:Additional information at November 30, 2024: a. Accrued Service Revenue, $800. b. Depreciation, $350. c.
Chef’s Catering completed the following selected transactions during May 2024:Requirements 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and
The following data at July 31, 2024, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for
The unadjusted trial balance of Anniston Air Purification System at December 31, 2024, and the data needed for the adjustments follow:Adjustment data at December 31 follow: a. On December 15,
The unadjusted trial balance of Guthrie Inn Company at December 31, 2024, and the data needed for the adjustments follow:Adjustment data at December 31 follow: a. As of December 31, Guthrie had
Greavy Theater Production Company’s partially completed worksheet as of December 31, 2024, follows. Adjustment data at December 31 follow: a. As of December 31, Greavy had performed $500
The unadjusted trial balance of Avery Air Purification System at December 31, 2024, and the data needed for the adjustments follow.Adjustment data at December 31 follow:a. On December 15, Avery
The unadjusted trial balance of Midway Inn Company at December 31, 2024, and the data needed for the adjustments follow:Adjustment data at December 31 follow: a. As of December 31, Midway Inn
Galaxy Theater Production Company’s partially completed worksheet as of December 31, 2024, follows.Adjustment data at December 31 follow: a. As of December 31, Galaxy had performed $900 of
Rapid Way Pack’n Mail completed the following transactions during 2024:Requirements 1. Journalize the transactions assuming that Rapid Way debits an asset account for prepaid expenses and
Sent It Pack’n Mail completed the following transactions during 2024:Requirements 1. Journalize the transactions assuming that Sent It Pack’n Mail debits an asset account for prepaid
Dalton Hair Stylists’ adjusted trial balance follows. Prepare Dalton’s income statement for the year ended December 31, 2024. DALTON HAIR STYLISTS Adjusted Trial Balance December 31, 2024 Account
This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2024. The business is now ready to record
What does the income statement report?
Murphy Delivery Service completed the following transactions during December 2024:Requirements1. Record each transaction in the journal using the following chart of accounts. Explanations are not
Hyatt Hotels Corporation is headquartered in Chicago and is a leading global hospitality company. The company develops, owns, and operates hotels, resorts, and vacation ownership properties in 60
What does the statement of owner’s equity show?
What does the balance sheet report?
What is a classified balance sheet?
What does liquidity mean?
The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2024, follows: Requirements 1. Prepare the company’s income statement for the year ended June 30, 2024.2. Prepare
The adjusted trial balance of Bradley Irrigation System at December 31, 2024, follows:Requirements 1. Prepare the company’s income statement for the year ended December 31, 2024. 2.
The unadjusted trial balance of Walton Anvils at December 31, 2024, and the data for the adjustments follow:Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b.
The unadjusted trial balance and adjustment data of Martha’s Motors at December 31, 2024, follow:Adjustment data at December 31, 2024: a. Depreciation on equipment, $2,100. b. Accrued
The unadjusted trial balance of Fleming Investment Advisers at December 31, 2024, follows:Adjustment data at December 31, 2024: a. Unearned Revenue earned during the year, $700. b. Office
The unadjusted trial balance and adjustment data of Myla’s Motors at December 31, 2024, follow.Adjustment data at December 31, 2024:a. Depreciation on equipment, $1,700.b. Accrued Wages Expense,

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