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Principles Of Accounting Volume 2 Chapters 12-25 1st Edition Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton - Solutions

2. Did you include event ( g) in the spreadsheet? Why or why not? 3. Based on beginning balances plus the completed spreadsheet, provide the following amounts (show computations):a. Total assets at the end of the year.b. Total liabilities at the end of the year.c. Total owner’s equity at the end
PA2-4 Determining Financial Statement Effects of Various Transactions Russeck Company, formed by sole proprietor Kal Russeck, is a small manufacturing business that makes model trains to sell to toy stores. It has a small service department that repairs customers’ trains for a fee. The company
PA2-3 Recording and Posting Transactions; Preparing and Interpreting the Balance Sheet Deliberate Speed Company was established as a sole proprietorship by Andrew Nguyen on July 1, 2009. The company’s accounts at July 1, 2011, included the following: Accounts Payable $ 10,000 Equipment $118,000
PA2-2 Recording and Posting Transactions; Preparing and Interpreting the Balance Sheet Owner-manager Nicole Cade established Athletic Performance Company as a sole proprietorship on July 1, 2010. The company’s chart of accounts included the following: Accounts Payable N. Cade, Capital Building
3. How did you handle transaction (c) between Jennifer Lester and the other business? Why? 4. Based only on the completed spreadsheet, provide the following amounts (show computations):a. Total assets at the end of the month. b . Total liabilities at the end of the month.c. Total owner’s equity
PA2-1 Determining Financial Statement Effects of Various Transactions Lester’s Home Healthcare Services was established on January 1, 2009, by Jennifer Lester, who invested $40,000 in the company. During the first month (January 2009), the company had the following five events: (a) Collected a
E2-14 Analyzing the Effects of Transactions Using T-Accounts Ekar Company, formed by Catherine Ekar, has been operating for one year (2009). At the start of 2010, Ekar’s T-account balances were as follows:Required: 1. Using the data from these T-accounts, determine the amounts for the following
E2-13 Explaining the Effects of Transactions on Balance Sheet Accounts Using T-Accounts Mashu Furniture Repair Service, a company owned by sole proprietor Doreen Mashu, began operations on June 1, 2009. The following T-accounts indicate the activities for the month of June. Cash (A) Beg. 0 (a)
E2-12 Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet Jonah Lee established Lee Delivery Company in 2010. The following transactions occurred during the year: (a) Received $90,000 cash from Jonah Lee, the sole owner. (b) Purchased land for $12,000,
E2-11 Recording Journal Entries Assume that Hargett Company was organized on May 1, 2009, to compete with Stefanov Company—a company that sells office products. The following events occurred during the first month of Hargett Company’s operations. (a) Received $60,000 cash from Megan Hargett who
E2-10 Explaining Investing and Financing Transactions and Preparing a Balance Sheet During its first month of operations, March 2011, Faye’s Fashions, a sole proprietorship owned and operated by Faye Miller, completed four transactions with the dollar effects indicated in the following schedule.
E2-9 Inferring Investing and Financing Transactions and Preparing a Balance Sheet During its first week of operations, January 1–7, 2010, Home Comfort Furniture, a sole proprietorship owned by Sara Baine, completed six transactions with the dollar effects indicated in the following schedule:
E2-8 Analyzing the Effects of Transactions in T-Accounts Julio Estella formed Estella Consulting to provide accounting and financial consulting services to clients. The following activities occurred during the year: (a) Received $60,000 cash from Julio Estella to establish the sole proprietorship.
E2-7 Recording Activities Refer to E2–5. Required: 1. For each of the events in E2–5, prepare journal entries, checking that debits equal credits. 2. Explain your response to event (c).
E2-6 Recording Activities Refer to E2–4. Required: For each of the events in E2–4, prepare journal entries, checking that debits equal credits.
E2-5 Determining Financial Statement Effects of Several Transactions Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are presented in millions
E2-4 Determining Financial Statement Effects of Several Transactions The following events occurred for Favata Company: (a) Received $10,000 cash from owner, Jim Favata. (b) Borrowed $7,000 cash from a bank. ( c ) Purchased land for $12,000; paid $1,000 in cash and signed a note for the balance. ( d
E2-3 Classifying Accounts and Their Usual Balances As described in a recent annual report, Digital Diversions, Inc. (DDI) designs, develops, and distributes videogames for computers and advanced game systems such as Paystation, Y-Box, Tamecube, and Gamegirl. DDI has been operating for only one full
E2-2 Identifying Account Titles The following are independent situations.a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $25,000 within three months.b. A company purchases a new delivery truck for $21,000 cash. The truck has a $24,000
E2-1 Matching Terms with Definitions Match each term with its related definition by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms). ____ 1. Transaction ____ 6. Current assets ____ 2. Separate
M2-13 Preparing a Classified Balance Sheet The following accounts are taken from the financial statements of Trump Entertainments Resorts, Inc. at year-end December 31, 2006. Amounts have been rounded to the nearest thousand. General Expenses $ 279,118 Cash $ 127,382 Salaries Payable 28,099
M2-12 Reporting a Classified Balance Sheet Given the transactions in M2–9 (including the sample), prepare a classified balance sheet for Spotlighter Company as of January 31, 2009.
M2-11 Posting to T-Accounts For each of the transactions in M2–9 (including the sample), post the effects to the appropriate T-accounts and determine ending account balances. ( Note: Remember to include beginning balances.) + Cash (A) – + Supplies (A) – + Equipment (A) – – Accounts
M2-10 Preparing Journal Entries For each of the transactions in M2–9 (including the sample), write the journal entry using the format shown in this chapter.
M2-9 Determining Financial Statement Effects of Several Transactions Spotlighter Company, a new sole proprietorship owned and managed by Ryan Terlecki, sells lighting fixtures. For each of the following transactions for the month of January 2009 (the first month of operations), indicate the
M2-8 Identifying Events as Accounting Transactions 3M Company, headquartered in St. Paul, Minnesota, manufactures Post-It Notes and Scotch Tape, among many other products. With a strong commitment to sustainability, in 2006 alone, 3M expended about $18 million for capital projects related to
M2-7 Identifying Events as Accounting Transactions Do the following events result in a recordable transaction for The Toro Company? Answer yes or no for each. ____ 1. Toro purchased robotic manufacturing equipment that it paid for by signing a note payable. ____ 2. The Toro Company’s president
M2-6 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances Blockbuster, Inc., is a leading global provider of rentable DVDs, videogames, and videocassettes. The following are several accounts included in a recent balance sheet:a. Income Taxes Payable h.
M2-5 Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or Credit Balances According to a recent report of Hasbro, Inc., the company is “a worldwide leader in children’s and family games and toys.” Hasbro produces items under several brands including Tonka, Milton
M2-4 Classifying Accounts on a Balance Sheet The following are a few of the accounts of Aim Delivery Service: ____ 1. Wages Payable ____ 9. Sales Taxes Payable ____ 2. Accounts Payable ____ 10. Equipment ____ 3. Accounts Receivable ____ 11. Notes Payable (due in six years) ____ 4. Buildings ____
M2-3 Matching Terms with Definitions Match each term with its related definition by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms). Term Definition ____ 1. Journal entry ____ 2. A = L + OE; Debits
M2-2 Identifying Debit and Credit Effects on Balance Sheet Accounts Complete the following table by entering either the word debit or credit in each column. Assets Liabilities Owner's equity Increase Decrease
M2-1 Identifying Increase and Decrease Effects on Balance Sheet Accounts Complete the following table by entering either the word increases or decreases in each column. Assets Liabilities Owner's equity Debit Credit
10. Which of the following statements is/are true regarding the balance sheet?a. One cannot determine the true “current value” of a company by reviewing just its balance sheet.b. Certain assets that are not acquired through identifiable and measurable transactions are not reported on a
9. What is/are the purpose(s) of the trial balance?a. To check that debits equal credits.b. To record the effects of transactions.c. To accumulate effects of transactions to determine account balances.d. All of the above.
8. Which of the following is/are true regarding debits and credits?a. In any given transaction, the total dollar amount of the debits and the total dollar amount of the credits must be equal.b. Debits decrease certain accounts and credits decrease certain accounts.c. Liabilities and owner’s
7. A company was recently formed with $50,000 cash invested by the owner. The company then borrowed $20,000 from a bank, and bought $10,000 of supplies on account. The company also purchased $50,000 of equipment by paying $20,000 in cash and signing a note for the remainder. What is the amount of
6. Which of the following describes how assets are listed on the balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highest value.c. From most current to least current.d. From least current to most current.
5. The T-account is used to summarize which of the following?a. Increases and decreases to a single account in the accounting system.b. Debits and credits to a single account in the accounting system.c. Changes in specific account balances over a time period.d. All of the above describe how
4. The dual effects concept can best be described as follows:a. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result.b. When an exchange takes place between two parties, both parties must record the transaction.c. When a
3. Total assets on a balance sheet prepared on any date must agree with which of the following?a. The sum of total liabilities and net income as shown on the income statement.b. The sum of total liabilities and owner’s equity.c. The sum of total liabilities and cash.d. The sum of total
2. Which of the following statements describe transactions that would be recorded in the accounting system?a. An exchange of an asset for a promise to pay.b. An exchange of a promise for another promise.c. Both of the above.d. None of the above.
1. Which of the following is not an asset?a. Cashb. Landc. Equipmentd. Owner’s Capital
11. Explain what the following accounting terms mean:a. Separate entity assumptionb. Conservatism
10. What are the key features that all assets possess? What are the key features of all liabilities?
9. What is a T-account? What is its purpose?
8. What is a journal entry? What is its typical format?
7. What two different accounting equalities must be maintained in transaction analysis?
6. Briefly explain what transaction analysis means. What are the two principles underlying transaction analysis? What are the steps in performing transaction analysis?
5. Explain what debit and credit mean.
4. What is the basic accounting equation?
3. For accounting purposes, what is an account? Explain why accounts are used in an accounting system.
2. Define transaction, and give an example of each of the two types of events that are considered transactions.
1. Define the following:a. Assetb. Current assetc. Liabilityd. Current liabilitye. Owner’s capital
CP1-6 Developing a Balance Sheet and Income Statement: Critical Thinking Exercise On September 30, Jill and Jack started arguing about who is better off. Jack said he was better off because he had the latest PlayStation console that he bought last year for $350. Jill, on the other hand, argued that
CP1-5 Making Ethical Decisions: A Mini-Case You are one of three partners who own and operate Mary’s Maid Service. The company has been operating for seven years. One of the other partners has always prepared the company’s annual financial statements. Recently, you proposed that the statements
CP1-4 Making Ethical Decisions: Real-Life Example In September 2002, John Rigas, his three sons, and another executive from Adelphia Communications were charged with defrauding investors and lenders of more than a billion dollars. John Rigas went to prison in 2007. If others are convicted, each
CP1-3 Examining an Annual Report: Internet-Based Team Research As a team, select an industry to analyze. Reuters provides lists of industries and their makeup at www.investor.reuters.com/Industries.aspx. Each group member should acquire the annual report (or Form 10-K filed with the SEC) for one
CP1-2 Comparing Financial Information Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B at the end of this book, or download the annual reports from the Cases section of the text’s Web site at www.mhhe.com/LLPW1e . Required: 1. Was Lowe’s net income
CP1-1 Finding Financial Information Refer to the financial statements of The Home Depot in Appendix A at the end of this book, or download the annual report from the Cases section of the text’s Web site at www.mhhe.com/LLPW1e . Required: 1. What type of business and organizational form is The
PB1-6 Reporting Amounts on the Four Basic Financial Statements (Challenging Problem) The Cheesecake Factory Incorporated reported the following information for the 2006 fiscal year ended January 2, 2007. Amounts are in thousands of dollars. Accounts Payable $ 45,570 Other Assets $ 186,453 Accounts
PB1-5 Reporting Amounts on the Four Basic Financial Statements The following summary information was reported by Darryl Company, a sole proprietorship owned by Jane Darryl, for the year ending December 31, 2009. Assets $ 97,500 J. Darryl, Capital, January 1, 2009 $ 7,400 Liabilities 81,500 J.
PB1-4 Analyzing and Interpreting an Income Statement Lauren DiLorenzo organized Viva Lingerie Company on January 1, 2010, to manufacture undergarments with a French flair. At the end of 2010, the following income statement was preparedRequired: 1. What was the average amount of monthly revenue? 2.
PB1-3 Preparing Financial Statements Best Buy Co. Inc. is a specialty retailer of consumer electronics, home-office products, entertainment software, appliances, and related services. Assume that the company is revising its methods for displaying its financial statements, and the controller in the
PB1-2 Preparing Financial Statements Assume that Elyse Rosati is the sole owner of Sweaters ’n Things Company. At the end of the first year of operations (December 31, 2012), the following financial data for the company are available: Cash $ 31,500 Notes Payable $ 35,000 Accounts Receivable (from
PB1-1 Preparing Financial Statements Assume that Marcia Waxman is the sole proprietor of the Write-r-Wrong Company. At the end of the first year of operations (April 30, 2011), the following financial data for the company are available: Cash $ 39,150 Notes Payable $ 3,500 Accounts Receivable (from
PA1-6 Reporting Amounts on the Four Basic Financial Statements (Challenging Problem) The following information for the year ended December 31, 2006, was reported by OSI Restaurant Partners, Inc., that owns and operates Outback Steakhouse and Carrabba’s Italian Grill restaurants. Amounts are in
PA1-5 Reporting Amounts on the Four Basic Financial Statements The following summary information was reported by Hannah Company, a sole proprietorship owned by Dan Hannah, for the quarter ending September 30, 2010. Assets $79,500 D. Hannah, Capital, June 30, 2010 $51,000 Liabilities 18,500 D.
PA1-4 Analyzing and Interpreting an Income Statement Three individuals organized Pest Away Company on January 1, 2011, to provide insect extermination services. At the end of 2011, the following income statement was prepared:Required: 1. What was the average amount of monthly revenue? 2. What was
PA1-3 Preparing Financial Statements Electronic Arts is the world’s leading developer and publisher of interactive entertainment software for personal computers and advanced entertainment systems made by Sony, Nintendo, and Microsoft. Assume that the company is revising its methods for displaying
PA1-2 Preparing Financial Statements Assume that Dr. Aaron Jones is the sole owner of Family Medicine. At the end of the first year of operations (June 30, 2009), the following financial data for the company are available: Cash $13,500 Accounts Receivable (from patients) 9,500 Supplies 17,000
PA1-1 Preparing Financial Statements Assume that Craig Reed is the sole proprietor of Nuclear Company. At the end of the first year of operations (December 31, 2010), the following financial data for the company are available: Cash $ 25,000 Notes Payable $ 2,000 Accounts Receivable (from customers)
E1-17 Matching Definitions with Terms or Abbreviations Match each definition with its related term or abbreviation by entering the appropriate letter on the blank provided. ____ 1. SEC ____ 2. Investing activities ____ 3. Private company ____ 4. Corporation ____ 5. Accounting ____ 6. Partnership
1. Purchased a building for $40,000; paid $30,000 cash and signed a note payable for the rest. 2. Purchased $1,000 of supplies on account. 3. Provided $31,000 of consulting service to customers on account. 4. Paid employees $19,000 cash. 5. Received a $600 utility bill to be paid next month. 6.
E1-16 Determining the Effects of Business Activities For each of the following activities, indicate what the company owns (the account and effect) and what the company owes (the account and effect) using the fundamental accounting equation. Be sure to answer from the standpoint of the business. An
E1-15 Reporting Amounts on the Statement of Cash Flows The following are independent cases.a. During a recent year, General Mills delivered breakfast cereal to customers who paid or promised to pay amounts totaling $10,506 million. During the same period, General Mills collected $6,375 million in
E1-14 Matching Cash Flow Statement Items to Business Activity Categories The Coca-Cola Company is one of the world's leading manufacturers, marketers, and distributors of nonalcoholic beverage concentrates and syrups producing more than 300 beverage brands. The following items were taken from a
E1-13 Matching Cash Flow Statement Items to Business Activity Categories Tech Data Corporation is a leading distributor of computer peripherals and network solutions, and recently was ranked by Fortune as the second most admired company in its industry category. The following items were taken from
E1-12 Analyzing Revenues and Expenses and Completing an Income Statement TNT Cleaning Service, owned by sole proprietor Kathy Terwilliger, has been operating for 20 years. The following financial items were determined for the fiscal year ended December 31, 2009: Cleaning Service Revenue (cash
E1-11 Analyzing Revenues and Expenses and Computing Net Income Assume that you are the sole proprietor of Collegiate Laundry Service that provides pick-up, cleaning, and delivery of laundry for students in local colleges. For the month of October 2010, you have the following information:a. The
E1-10 Completing a Balance Sheet and Inferring Net Income Terry Lopez organized Read More Store as a sole proprietorship, contributing $100,000 cash to start the business. The store completed its first year of operations on December 31, 2010. On that date, the following financial items for the year
E1-9 Preparing a Balance Sheet Dave & Buster’s Inc. is a restaurant/entertainment company. Founded in 1982, Dave & Buster’s provides high-quality food and beverage items and offers an extensive array of interactive entertainment attractions such as pocket billiards, shuffleboard,
E1-8 Preparing an Income Statement and Inferring Missing Values FedEx is an industry leader in providing rapid delivery of packages and freight around the world. Its May 31, 2007, income statement contained the following items (in millions of dollars): Salaries Expense $ 8,051 Rent Expense $1,598
E1-7 Reporting Amounts on the Four Basic Financial Statements The following summary information was reported by Lucus Rock, the sole proprietor of Lucus Rock Company, for the year ending December 31, 2011. Amounts are in thousands (i.e., assets = $18,200,000). Assets $18,200 L. Rock, capital,
E1-6 Preparing Financial Statements John Clay organized Clay Company as a sole proprietorship on January 1, 2010. At the end of January 2010, the following monthly financial data are available: Service Revenue $130,000 Other Expenses 80,000 Wages Expense 15,000 Cash 30,000 Accounts Receivable from
E1-5 Matching Financial Statement Items to Balance Sheet and Income Statement Categories Tootsie Roll Industries manufactures and sells candy. Major products include Tootsie Roll, Tootsie Roll Pops, Tootsie Pop Drops, Tootsie Flavor Rolls, Charms, and Blow-Pop lollipops. The following items were
E1-4 Matching Financial Statement Items to Balance Sheet and Income Statement Categories General Mills is a manufacturer of food products, such as Lucky Charms cereal, Pillsbury crescent rolls, and Jolly Green Giant vegetables. The following items were presented in the company’s financial
E1-3 Matching Financial Statement Items to the Four Basic Financial Statements Oakley, Inc., manufactures sunglasses, goggles, shoes, watches, footwear, and clothing. Recently, the company reported the following items in its financial statements. Indicate whether these items appeared on the balance
E1-2 Inferring Values Using the Income Statement and Balance Sheet Equations Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the following independent cases to compute the two missing amounts for each case. Assume that it is
E1-1 Categorizing Business Forms The following describes different businesses. Mark each with the appropriate letter to indicate whether it would be categorized as a sole proprietorship (S), partnership (P), or corporation (C). ____ 1. Alan Cohen and Carol Palmer own Cohen and Palmer, CPAs, an
M1-13 (Supplement 1-A) Identifying Areas of Accounting For each of the following job responsibilities, identify the area of accounting ( private accounting, public accounting, or both ) that is most involved. ____ 1. Preparing financial statements for external users. ____ 2. Consulting. ____ 3.
M1-12 Identifying Ethical Dilemmas The following is a short list of scenarios. Write a brief statement about whether you believe the scenario is an ethical dilemma and, if so, who will be harmed by the unethical behavior. 1. You are a tax accounting professional and a client informs you that some
M1-11 Identifying Definitions with Abbreviations The following is a list of important abbreviations used in the chapter and widely in business. Give the full designation of each abbreviation. The first one is an example. Abbreviation Full Designation 1. CPA certified public accountant 2. GAAP 3.
M1-10 Determining the Effects of Business Activities For each of the following activities, indicate what the company owns (the account and effect) and what the company owes (the account and effect) using the fundamental accounting equation. An example is provided. Be sure to answer from the
M1-9 Preparing a Balance Sheet Refer to the information in M1-7. Prepare a balance sheet at December 31, 2010.
M1-8 Preparing a Statement of Owner’s Equity Refer to the information in M1-7. Prepare a statement of owner’s equity for 2010.
M1-7 Preparing an Income Statement The Tea Room, a sole proprietorship owned by Gerry Stayman, earned revenues of $220,000 and incurred expenses of $150,000 during its first year of operations ended December 31, 2010. At the end of the year, The Tea Room owned assets of $180,000 and owed
M1-6 Matching Financial Statement Items to the Four Basic Financial Statements Match each element with its financial statement by entering the appropriate letter in the space provided. Element Financial Statement ____ 1. Expenses A. Balance sheet ____ 2. Cash flows from investing activities B.
M1-5 Identifying Elements of the Financial Statements Microsoft Corporation manufactures home entertainment devices such as Xbox, creates software such as Word, and operates networks such as MSN Hotmail. The following items were presented in the company’s financial statements. Mark each item from
M1-4 Identifying Elements of the Financial Statements According to its annual report, “Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 140 countries around the world, with leading brands including Tide, Ariel,

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