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business
intermediate accounting volume 1
Questions and Answers of
Intermediate Accounting Volume 1
Trenton Company’s fiscal year end is December 31. On January 31, 2024, the company’s partial adjusted trial balance shows the following:Instructionsa. If $1,600 was received in January for
On July 31, 2023, a company purchased equipment for $150,000, paying $40,000 cash and signing a 5% note payable for the remainder. The interest and principal of the note are due on January 31, 2024.
You are asked to prepare the following adjusting entries for Susan’s Sewing at December 31, 2024:1. Services performed but not recorded are $3,100.2. Utility expenses incurred but not paid are
The trial balances before and after adjustment for Lane Company at October 31, 2024, which is the end of its fiscal year, are as follows:Instructionsa. Prepare the adjusting entries that were made.b.
The adjusted trial balance for Haer Design Company at December 31, 2024, which is the end of its fiscal year, is as follows:InstructionsPrepare Haer Design Company’s income statement, statement of
Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement accounts for the company for the year ended May 31,
Classify each of the following as owner’s investments (I), drawings (D), revenue (R), expenses (E), or as having no effect on owner’s equity (NE):a. _______ Advertising expenseb. _______
Judy Cumby is the sole owner of Deer Park Campground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024:Instructionsa. Calculate
In what order should the financial statements be prepared? Why?
Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2024.Data from Exercise E1.15Presented below is information from the statements of owner’s equity for Kerkan
Presented below is information from the statements of owner’s equity for Kerkan Consulting for the first three years of operation. Determine the missing amounts: J. Kerkan, capital, January
Shane Cooke began a business, Cooke Company, on January 1, 2024, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated:InstructionsUse the
Fraser Baker opened Baker’s Media Consulting in Winnipeg on September 1, 2024. On September 30, the balance sheet showed Cash $5,700; Accounts Receivable $2,100; Supplies $350; Equipment $7,600;
A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2024, follows:Instructionsa. Describe each transaction that occurred in the
Pavlov’s Home Renovations was started in 2008 by Jim Pavlov. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company’s assets and liabilities as
Here are incomplete financial statements for Deol Company:Instructionsa. Calculate the missing amounts (i) to (x).b. Write a memo explaining (1) the sequence for preparing the financial statements,
Here are incomplete financial statements for Lee Company:Instructionsa. Calculate the missing amounts (a) to (j).b. Write a memo explaining (1) the sequence for preparing the financial statements,
Judy Johansen operates an interior design business, Johansen Designs. Listed below, in alphabetical order, are the company’s assets and liabilities as at December 31, 2024, and the revenues,
Beyers Security Company provides security services. Selected transactions for Beyers are as follows:Oct. 1 B. Beyers invested $66,000 cash in the business.2 Hired part-time security consultant.
Use the general ledger balances that follow to prepare a trial balance for Pettipas Company at April 30, 2024. All account balances are normal. Accounts payable Accounts receivable C. Pettipas,
A list of accounts and their balances of O’Neill’s Psychological Services, at its year end July 31, 2024, is presented below.Instructionsa. Prepare a trial balance in financial statement order.b.
A list of accounts and their balances of Landon’s Beauty Salon, at its year end December 31, 2024, is presented below.Instructionsa. Prepare a trial balance in financial statement order.b. Prepare
Terry Zelinski, the owner of Royal Mountain Tours, prepared the following trial balance at March 31, 2024.A review shows that Terry made the following errors in the accounting records:1. A purchase
Cassist Enterprises began operations on January 1, 2024. During 2024 and 2025, the company entered into the following transactions:Instructionsa. Calculate revenue, operating expenses, and profit for
The financial statements of Aritzia Inc. are presented in Appendix A at the end of this textbook.Instructionsa. What title does Aritzia use for its income statement? What title does Aritzia use for
Ouellette & Associates began operations on January 1, 2024. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions for
Havanese Services Company records adjusting entries on an annual basis. The following information is available to be used in recording adjusting entries for the year ended December 31, 2024.1.
Kee Company accumulates the following adjustment data at December 31. Indicate(a) The balance sheet account that requires adjustment(b) Whether the identified balance sheet account is over- or
Logan Miller started her own accounting firm, Miller Accounting, on June 1, 2024. Logan wants to prepare monthly financial statements, so adjusting entries are required on June 30. Selected
Sam Buckley started his own cycle repair shop, Sam’s Cycles, on September 1, 2024. Sam wants to prepare monthly financial statements, so adjusting entries are required on September 30. Selected
Grant’s Graphics has a December 31 year end. Grant’s Graphics records adjusting entries on an annual basis. The following information is available.1. At the end of the year, the unadjusted
On July 1, 2024, Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a December 31 year end.a. Journalize the purchase of the insurance policy.b. Prepare the year-end adjusting
Jake’s Mechanics owns the following long-lived assets:Instructionsa. Prepare depreciation adjusting entries using straight-line depreciation for Jake’s Mechanics for the year ended December 31,
The following independent items for Last Planet Theatre during the year ended December 31, 2024, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid
On March 1, 2024, Eire Co. paid $4,800 to Big North Insurance for a one-year insurance policy. Eire Co. has a December 31 fiscal year end and adjusts accounts annually. Complete the following for
Action Quest Games adjusts its accounts annually. Assume that any prepaid expenses are initially recorded in asset accounts. Assume that any revenue collected in advance is initially recorded as
Kinder Company has the following balances in selected accounts on June 30, 2024, its fiscal year end.All the accounts have normal balances. The information below has been gathered at June 30, 2024.1.
Devin Wolf Company has the following balances in selected accounts on December 31, 2024. Devin has a calendar year end.All the accounts have normal balances. The information below has been gathered
Hahn Consulting Company’s general ledger showed $785 in the Supplies account on January 1, 2024. On May 31, 2024, the company paid $3,255 for additional supplies. A count on December 31, 2024,
The following items were taken from the financial statements of J. Parra Company on December 31, 2024. (All amounts are in thousands.)InstructionsPrepare a classified balance sheet in good form as at
Selected T accounts for Victoire Esthetics on August 31, 2024, are as follows:Instructionsa. Prepare a statement of owner’s equity for the month ended August 2024.b. Prepare entries to close the
The adjusted trial balance for Bray Company is below.Instructionsa. Prepare an income statement, a statement of owner’s equity, and a classified balance sheet. L. Bray did not make any additional
The adjusted trial balance for Marine Fishing Centre is as follows:Instructionsa. Prepare an income statement for the year ended March 31, 2024.b. Prepare a statement of owner’s equity. The owner,
The Gap, Inc. reports its financial results for 52-week fiscal periods ending on a Saturday around the end of January each year. The following information (in US$ millions) was included in recent
The adjusted trial balance for Boreal Rock Climbing Centre is as follows:Instructionsa. Calculate profit or loss for the year. (Note: It is not necessary to prepare an income statement.)b. Prepare a
An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2024, for Alpine Bowling Lanes is as follows:InstructionsPrepare the closing entries at August
The following is Edge Sports Repair Shop’s trial balance at September 30, 2024, the company’s fiscal year end:Additional information:1. Services of $5,350 were provided but not recorded at
The following is Elbow Cycle Repair Shop’s trial balance at January 31, 2024, the company’s fiscal year end:Additional information:1. The 12-month insurance policy was purchased on June 1,
The adjusted trial balance for Mosquera Golf Club at its October 31, 2024, year end included the following: Cash Prepaid expenses Equipment Accumulated depreciation-equipment Accounts
Silver Ridge Plumbing’s year end is October 31. The company’s trial balance prior to adjustments follows:Additional information:1. The equipment has an expected useful life of 10 years. The
The adjusted trial balance for Hercules Company is presented below.Instructionsa. Prepare the closing entries.b. Prepare T accounts for the accounts affected by the closing entries. Post the closing
What is the purpose of using an Income Summary account? What types of summary data are posted to this account?
Casey Hartwig, CPA, was retained by Global Cable to prepare financial statements for the year ended April 30, 2024. Hartwig accumulated all the ledger balances per Global’s records and found the
The adjusted trial balance for Victoria Lee Company for the year ended June 30, 2024, follows.Instructionsa. Prepare closing entries at June 30, 2024.b. Prepare a post-closing trial balance.
Lee Chang opened Lee’s Window Washing on July 1, 2024. In July, the following transactions were completed:July 1 Lee invested $20,000 cash in the business.1 Purchased a used truck for $25,000,
Natalie had a very busy May. At the end of the month, after Natalie has journalized and posted her adjusting and correcting entries, she has prepared an adjusted trial balance.InstructionsUsing the
Daniel’s Dog Grooming has the following balances on November 30, 2024, after closing entries are posted: Cash $12,300; Prepaid Expenses $4,100; Equipment $60,000; Accumulated
Nazari Electrical Services has an August 31 fiscal year end. The company’s trial balance prior to adjustments follows:Additional information:1. The equipment has an expected useful life of 12
The unadjusted trial balance for Garden Designs at its year end, April 30, 2024, is as follows:Additional information:1. $500 of the unearned revenue is to be recognized because the related gardening
Below is an alphabetical list of the adjusted accounts of Dunder Tour Company at its year end, December 31, 2024. All accounts have normal balances.Additional information:1. In 2025, $3,000 of the
Ilana Mathers, CPA, was hired by Interactive Computer Installations to prepare its financial statements for March 2024. Using all the ledger balances in the owner’s records, Ilana put together the
Laura Eddy opened Eddy’s Carpet Cleaners on March 1, 2024. In March, the following transactions were completed:Mar. 1 Laura invested $10,000 cash in the business.1 Purchased a used truck for
The December 31, 2024, adjusted trial balance of Darius Company includes the following accounts:a. Determine which accounts are current assets and prepare the current assets section of the balance
The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2024, is as follows:Additional information:1. Services of $10,440 were provided but unrecorded and uncollected
Below is an alphabetical list of the adjusted accounts of Matrix Consulting Services at its year end, March 31, 2024. All accounts have normal balances.Additional information:1. Of the notes payable,
Tim Sasse started Sasse Roof Repairs on April 2, 2024, by investing $4,000 cash in the business. During April, the following transactions occurred:Apr. 6 Purchased supplies for $1,500 cash.15
The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are provided.Additional information:1. Services of $5,350 were provided but not recorded at September 30, 2024.2. The
Sleep Country is a Canadian specialty mattress retailer. The following information (all amounts in thousands) can be found on its recent balance sheets:Instructionsa. Calculate Sleep Country’s
Big Rock Brewery Inc. brews and sells premium natural unpasteurized beer. The following information (all amounts in thousands) can be found on its recent balance sheets (or statements of financial
The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are provided.Additional information:1. The 12-month insurance policy was purchased on June 1, 2023.2. A physical count of
The unadjusted trial balance and adjustment data for Silver Ridge Plumbing are provided.Additional information:1. The equipment has an expected useful life of 10 years. The vehicles’ expected
The December 31, 2024, adjusted trial balance of Odom Company includes the following accounts:Determine which accounts are non-current assets and prepare the non-current assets section of the balance
The unadjusted trial balance at December 31, 2024, and the year-end adjustment data for Swift Creek Engineering are presented below:Additional information:1. Services of $10,440 were provided but
AN Gildan Activewear Inc. is a leading manufacturer and marketer of family apparel, including T-shirts, fleece, sport shirts, socks, and shapewear. Its brands include American Apparel and Gold Toe.
The unadjusted trial balance at April 30, 2024, and adjustment data for the month of April 2024 for Garden Designs are presented below:Additional information:1. $500 of the unearned revenue is to be
The accountant for Orange Line Company is almost finished preparing the work sheet for the year ended August 31, 2024. The totals of the accounts in the income statement and balance sheet columns are
Selected financial information for JPC Enterprises as at December 31, 2024, follows:Additional information:1. All accounts have normal balances.2. $17,250 of the mortgage payable will be paid before
The financial statement items for Carter Bowling Alley at year end December 31, 2024, contain the following accounts:Instructionsa. Prepare a classified balance sheet in good form as at December 31,
The accountant for Coulombe Company is almost finished preparing the work sheet for the year ended July 31, 2024. The totals of the accounts in the income statement and balance sheet columns are
At December 31, 2024, Giselle Company had a five-month, 5%, $90,000 note receivable that was issued on October 1, 2024. Interest and principal are payable at maturity on March 1, 2025.(a) Prepare the
At December 31, 2024, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2025, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for
Selected financial information is available at July 31 for Drew Co.a. Calculate(1) Working capital,(2) The current ratio,(3) The acid-test ratio for 2023 and 2024.b. Indicate whether Drew’s
The unadjusted trial balance for Veda’s Video Arcade at its fiscal year end of May 31, 2024, is as follows:Additional information:1. On May 31, 2024, Veda’s Video Arcade had provided services but
The unadjusted trial balance for Laurie’s Laser Games at its fiscal year end of April 30, 2024, is as follows:Additional information:1. On April 30, 2024, Laurie’s Laser Games had not collected
These financial statement items are for Basten Company at year end, July 31, 2024.Instructionsa. Prepare an income statement and a statement of owner’s equity for the year. The owner did not make
The adjusted trial balance for Arun’s Animations is presented below.Instructionsa. Prepare an income statement and statement of owner’s equity for the year. Mr. Arun invested $5,000 cash in the
Bugatti Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The September 30, 2024, trial balance included the following selected accounts:Additional
Cypress Company has an October 31 fiscal year end and prepares adjusting entries on an annual basis. The October 31, 2024, trial balance included the following selected accounts:Additional
The unadjusted trial balance and adjustment data for Nazari Electrical Services are provided.Additional information:1. The equipment has an expected useful life of 12 years. The vehicles’ expected
On December 31, 2024, Big River Company had $1 million of current assets and $900,000 of current liabilities. On the same day, Small Fry Company had $200,000 of current assets and $100,000 of current
Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2024, adjustments were required for the following items:1. Services of $600
Refer to the financial statements and the notes to consolidated financial statements for Aritzia Inc. for the year ended March 1, 2020, which are reproduced in Appendix A. Instructions Use these
What is the difference between determining profit for a merchandising company and determining profit for a service company?
At the beginning of the current tennis season, on April 1, 2024, Kicked-Back Tennis Shop’s inventory consisted of 50 tennis racquets at a cost of $40 each. Kicked-Back uses a perpetual inventory
Selected information from Loblaw Companies Limited’s income statements for three recent years follows (dollars in millions):Instructionsa. Calculate gross profit, and profit from operations, for
Stellar Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March:Mar. 1
Passera Supply Co. has the following transactions:InstructionsRecord the transactions for Passera Supply Co. Nov. 1 15 Dec. 1 15 Loaned $60,000 cash to A. Morgan on a one-year, 8% note. Sold goods to
Farwell Company adjusts its accounting records monthly in order to prepare monthly financial statements. On September 30, 2024, selected general ledger account balances are:Interest is payable on the
Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January 2024.Instructionsa. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary
Up North Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2024. The following is what she produced:The owner of the
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