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principles financial accounting
Hospitality Financial Accounting 1st Edition Jerry J Weygandt, Donald E Kieso, Paul D Kimmel, Agnes L DeFranco - Solutions
The following internal control procedures are used at Sheridan Bakery for over-thecounter cash receipts. LO6 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attachécase in the stock room until it is deposited in the bank.2. All over-the-counter receipts are
The following internal control procedures are used in Erin’s Coffee House for cash disbursements. LO6 1. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.2. The store manager personally approves all payments before signing and issuing checks.3.
Cindy, a new owner of a Chinese restaurant, is unable to reconcile the bank balance at January 31. Cindy’s reconciliation is as follows. LO6 Exercises 347 Compute inventory turnover and days in inventory.(SO 9)Determine correct income statement amounts.(SO 8)Identify the principles of internal
On April 30, the bank reconciliation of Hinckley Resorts shows three outstanding checks:no. 254, $650, no. 255, $720, and no. 257, $410. The May bank statement and the May cash payments journal show the following. LO6 Bank Statement Checks Paid Date Check No. Amount 5/4 254 650 5/2 257 410 5/17 258
Mexican Fare, a 50-year-old Mexican restaurant, recently changed its system of internal control over cash disbursements. The system includes the following features.Instead of being unnumbered and manually prepared, all checks must now be prenumbered and written by using the new checkwriter
All organizations should have systems of internal control. Universities are no exception.This site discusses the basics of internal control in a university setting. LO6 Address: www.bc.edu/bc_org/fvp/ia/ic/intro.html Steps: Go the site shown above.Instructions The front page of this site provides
A company’s annual report usually will identify the inventory method used. Knowing that, you can analyze the effects of the inventory method on the income statement and balance sheet. LO6 Address: www.darden.com Steps 1. From Darden Restaurants’ homepage, choose the Numbers.2. Choose Financial
Identify the different types of receivables. LO4
Explain how accounts receivable are recognized in the accounts. LO4
Distinguish between the methods and bases used to value accounts receivable. LO4
Describe the entries to record the disposition of accounts receivable. LO4
Explain why credit policies are needed in the hospitality industry. LO4
Compute the maturity date of and interest on notes receivable. LO4
Explain how notes receivable are recognized in the accounts. LO4
Describe how notes receivable are valued. LO4
Describe the entries to record the disposition of notes receivable. LO4
Explain a current liability, and identify the major types of current liabilities. LO4
Describe the accounting of notes payable. LO4
Explain the accounting of other current liabilities. LO4
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. LO4(a) Sold merchandise on account for $70,000 to a customer.(b) Received a promissory note of $57,000 for services
Record the following transactions on the books of Essex Golf Supplies. LO4(a) On July 1, Essex sold merchandise on account to Harrard Golf Club for $16,000, terms 2/10, n/30.(b) On July 8, Harrard returned merchandise worth $3,800 to Essex Co.(c) On July 11, Harrard paid for the merchandise.
At the end of 2004, Searcy Hotel has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2005, the company learns that its receivable from Hunt Inc. is not collectible, and management authorizes a write-off of $7,000. LO4(a) Prepare the journal entry to
Compute interest and find the maturity date for the following notes. LO4 Date of Note Principal Interest Rate (%) Terms (a) June 10 $100,000 9% 60 days (b) July 14 $ 50,000 71/2% 90 days (c) April 27 $ 12,000 8% 75 days
Presented below are data on three promissory notes. Determine the missing amounts. LO4 Date of Maturity Annual Total Note Terms Date Principal Interest Rate Interest (a) April 1 60 days ? $900,000 9% ?(b) July 2 30 days ? 90,000 ? $600 (c) March 7 6 months ? 120,000 12% ?
Presented below are two independent transactions. LO4(a) Raja Restaurant accepted a VISA card in payment of a $200 lunch bill. The bank charges a 3 percent fee. What entry should Raja make?(b) Wendy Company sold its accounts receivable of $80,000. What entry should Wendy make, given a service
Ceneplex Theatre has the following obligations at December 31: (a) a note payable for$100,000 due in two years, (b) a ten-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of$60,000. For each
Banderas Spa borrows $60,000 on July 1 from the bank by signing a $60,000, 10 percent, one-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b)accrued interest at December 31, assuming adjusting entries are made only at the end of the year. LO4
Jurassic Theme Park does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $9,975. All sales are subject to a 5 percent sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales. LO4
Becky’s Grill regular hourly wage rate is $14, and she receives an hourly rate of $21 for work in excess of 40 hours. During a January pay period, Becky works 45 hours. Becky’s federal income tax withholding is $95, her FICA tax withheld is $53.20, and she has no voluntary deductions. Compute
Patillo Resort has accounts receivable of $97,500 at March 31. An analysis of the accounts shows the following. LO4 Month of Sale Balance, March 31 March $65,000 February 17,600 January 8,500 Prior to January 6,400 $97,500 Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts
Gore Food Supply Co. has the following transactions related to notes receivable during the last two months of the year. LO4 Nov. 1 Loaned $18,000 cash to Sally Morgan Restaurant on a one-year, 10 percent note Dec. 11 Sold goods to Adams BBQ receiving a $6,000, 90-day, 12 percent note 16 Received a
Record the following transactions for Icke Ice Co. in the general journal LO4 2002 May 1 Received a $10,500, one-year, 10 percent note on account from Paul’s Hamburger Dec. 31 Accrued interest on the note Dec. 31 Closed the interest revenue account 2003 May 1 Received principal plus interest on
Presented below is an aging schedule for Grifton Hotel. LO4 Determine bad debts expense;prepare the adjusting entry for bad debts expense.(SO 3)Not Number of Days Past Due Customer Total Yet Due 1–30 31–60 61–90 Over 90 Jones $ 22,000 $10,000 $12,000 Johnson 40,000 $ 40,000 Klinger 57,000
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. LO4 1. Cavanaugh Pizza rings up sales and sales taxes separately on its cash register. On April 10, the register totals are sales $25,000 and sales taxes $1,500.2. Corelli Pasta
Purpose: The Securities Exchange Act of 1934 requires any firm that is listed on one of the national exchanges to file annual reports (form 10-K), financial statements, and quarterly reports(form 10-Q) with the SEC. This exercise demonstrates how to search and access available SEC filings through
The controller of Shirt Co. believes that the yearly allowance for doubtful accounts for Shirt Co. should be 2 percent of net credit sales. The president of Shirt Co., nervous that the stockholders might expect the company to sustain its 10 percent growth rate, suggests that the controller increase
Explain what an account is and how it helps in the recording process. LO5
Define debits and credits and explain how they are used to record business transactions.. LO5
Identify the basic steps in the recording process.. LO5
Explain what a journal is and how it helps in the recording process.. LO5
Explain what a ledger is and how it helps in the recording process.. LO5
Explain what posting is and how it helps in the recording process.. LO5
Prepare a trial balance and explain its purposes.. LO5
Identify the advantages of manual and computerized accounting systems.. LO5
Transactions for Doris Wang Company for the month of June are presented below. Identify the accounts to be debited and credited for each transaction, and journalize the transactions.. LO5 June 1 Doris Wang invests $12,000 cash in exchange for shares of common stock in a small printing corporation.2
Jim Carrey Corporation has the following transactions during August of the current year.Indicate (a) the basic analysis and (b) the debit–credit analysis illustrated on pages 90–93 of the text. Journalize the transactions.. LO5 Aug. 1 Opens an office as a financial advisor, investing $15,000 in
Selected transactions for Fernholz Company are presented in journal form below. Post the transactions to T accounts.. LO5 Exercises 105 J1 Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 6,800 Service Revenue 6,800 12 Cash 4,100 Accounts Receivable 4,100 15 Cash
An inexperienced bookkeeper prepared the following trial balance that does not balance.Prepare a correct trial balance, assuming all account balances are normal.. LO5
Selected transactions from the journal of Tiger Woods Inc., investment brokerage firm, are presented below.. LO5 Date Account Titles and Explanation Ref. Debit Credit Aug. 1 Cash 9,600 Common Stock 9,600(Investment of cash for stock)10 Cash 2,800 Service Revenue 2,800(Received cash for services
The T accounts below summarize the ledger of Quick Response Catering Corporation at the end of the first month of operations:. LO5 106 CHAPTER 3 The Recording Process Cash No. 101 4/1 10,000 4/15 450 4/12 600 4/25 1,100 4/29 900 4/30 600 Accounts Receivable No. 112 4/7 3,200 4/29 900 Supplies No.
Evergreen Park Corp. was started on April 1 by Susan and Bill Helms. The following selected events and transactions occurred during April.. LO5 Apr. 1 Invested $100,000 cash in the business in exchange for common stock.4 Purchased land costing $35,000 for cash.8 Incurred advertising expense of
Lauren Kim-Bae is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred.. LO5 May 1 Invested $39,000 cash in exchange for common stock.2 Hired a secretary-receptionist at a salary of $1,800 per month.3 Purchased $900 of
JarJar Theater Inc. opened on April 1. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $10,000; No. 140 Land $10,000; No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000; No. 157 Equipment $6,000;. LO5 No. 201 Accounts
The financial statements of Hilton are presented in the Appendix. The statements contain the following selected accounts, stated in millions of dollars, for 2001.. LO5 Accounts Payable $ 533 Income Taxes Payable $ 4 Accounts Receivable 291 Interest Expense 385 Property, Plant, and Equipment 3,911
Much information about specific companies is available on the World Wide Web. This information includes basic descriptions of the company’s location, activities, industry, financial health, and financial performance.. LO5 Address: http://biz.yahoo.com/i Steps 1. Type in a company name, or use an
Prepare a work sheet. LO8
Explain the process of closing the books. LO8
Describe the content and purpose of a post-closing trial balance. LO8
State the required steps in the accounting cycle. LO8
Explain the approaches to preparing correcting entries. LO8
The ledger of Giovanni Party Decorations Company includes the following unadjusted balances: Prepaid Insurance $4,000, Service Revenue $58,000, and Salaries Expense $25,000.Adjusting entries are required for (a) expired insurance $1,200; (b) services provided $900, but unbilled and uncollected; and
The income statement for Edgebrook Golf Club for the month ending July 31 shows Green Fee Revenue $14,000, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income$3,300. Prepare the entries to close the revenue and expense accounts. Post the entries to the revenue and expense accounts,
Using the data in 5-3, identify the accounts that would be included in a post-closing trial balance. LO8
The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no work sheet is prepared, by placing numbers 1–9 in the blank spaces. LO8(a) _____ Prepare a trial balance.(b) _____ Journalize the transactions.(c) _____ Journalize and post closing
At Piccola Pasta Sauce, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. LO8 1. A collection on account from a customer for $780 was recorded as a debit to Cash $780 and a credit to Service Revenue $780.2. The purchase of
The balance sheet debit column of the work sheet for Salsa Picante includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $18,400; Supplies$5,200, and Short-term Investments $8,200. Prepare the current assets section of the balance sheet, listing the accounts
The adjusted trial balance columns of the work sheet for Jose Tortilla Company are as follows: LO8 Prepare correcting entries.(SO 5)Prepare the current assets section of a balance sheet.(SO 6)Complete work sheet.(SO 1)JOSE TORTILLA COMPANY Work Sheet (partial)For the Month Ended April 30, 2004
The adjusted trial balance of Mozart D.J., Inc. at the end of its fiscal year is as follows. LO8 MOZART D.J., INC.Adjusted Trial Balance July 31, 2004 No. Account Titles Debits Credits 101 Cash $ 14,940 112 Accounts Receivable 8,780 157 Equipment 15,900 167 Accumulated Depreciation $ 5,400 201
Susanne Perfect began operations as a mystery shopper on January 1, 2004. The trial balance columns of the work sheet for Susanne Perfect, Inc. at March 31 are as follows. LO8 SUSANNE PERFECT, INC.Work Sheet For the Quarter Ended March 31, 2004 Trial Balance Account Titles Dr. Cr.Cash 11,400
The financial statements of Hilton are presented in the Appendix at the end of this textbook. LO8 Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were Hilton’s total current assets at December 31,
Numerous companies have established home pages on the Internet, e.g., Hyatt Corporation(www.hyatt.com/corporate) and Four Seasons Hotels and Resorts (www.fourseasons.com).You may have noticed company Internet addresses in television commercials or magazine advertisements. LO8 Instructions Examine
As the controller of TellTale Ice Cream Company, you discover a misstatement that significantly overstated net income in the prior year’s financial statements. The misleading financial statements appear in the company’s annual report which was issued to banks and other creditors less than a
Describe the nature and purpose of a subsidiary ledger. LO4
Explain how special journals are used in journalizing. LO4
Indicate how a multicolumn journal is posted. LO4
Presented below is information related to Bradley Bed & Breakfast for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. LO4 Credit Sales Cash
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to answer this question.) LO4 1. Debit to Sales 3. Credit to Accounts Receivable 2. Credit to Merchandise Inventory 4. Debit to Accounts Payable
Steering Rental Car uses a multicolumn cash receipts journal. Indicate which column(s)is/are posted only in total, only daily, or both in total and daily. LO4 1. Accounts Receivable 3. Cash 2. Sales Discounts 4. Other Accounts
Cohen Noodles Manufacturing uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded. LO4(a) Purchased equipment on account.(b) Purchased merchandise on account.(c) Paid utility expense in cash.(d) Sold merchandise on account.
On September 1 the balance of the Accounts Receivable control account in the general ledger of Odesto Restaurant Equipment Company was $11,960. The customers’ subsidiary ledger contained account balances as follows: Edmonds $2,440, Park $2,640, Roemer $2,060, Schulz $4,820. At the end of
Hurley Hotel Bedding Company uses special journals and a general journal. The following transactions occurred during September 2004. LO4 Sept. 2 Sold merchandise on account to Rusch Motel, invoice no. 101, $480, terms n/30. The cost of the merchandise sold was $300.10 Purchased merchandise on
The general ledger of Williams Greek Gyros contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. LO4 GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,025 28 ? ? 5 General journal 265 11 General
Lemon Ice Company produces a unique 4-oz cup of frozen ice treats to many growing stores. Its chart of accounts includes the following selected accounts. LO4 101 Cash 401 Sales 112 Accounts Receivable 414 Sales Discounts 120 Merchandise Inventory 505 Cost of Goods Sold 311 Common Stock On April 1
Simpson’s caters food to area corporate offices for their partices. Its chart of accounts includes the following selected accounts. LO4 101 Cash 201 Accounts Payable 120 Merchandise Inventory 332 Dividends 130 Prepaid Insurance 505 Cost of Goods Sold 157 Equipment On October 1 the accounts
The chart of accounts of Hernandez Executive Catering includes the following selected accounts. LO4 112 Accounts Receivable 401 Sales 120 Merchandise Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July the
Great Plains’ Accounting is one of the leading accounting software packages. Information related to this package is found at its Web site. LO4 Address: www.greatplains.com/accounting/productinfo.asp Steps 1. Go to the site shown above.2. Choose General Ledger. Answer question (a) below.3. Choose
Ehlert & Ramos is a wholesaler of small restaurant appliances and parts. Ehlert & Ramos is operated by two owners, Bill Ehlert and Denise Ramos. In addition, the company has one employee, a repair specialist, who is on a fixed salary. Revenues are earned through the sale of appliances to retailers
Tyler Resorts operates three properties, each with its own personnel, including a marketing/sales force. The corporate headquarters and central accounting office are in Tyler, and the properties are in Freeport, Rockport, and Bayport, all within 50 miles of Tyler. Corporate management treats each
Identify the differences between a service enterprise and a merchandiser. LO6
Explain the entries for purchases under a perpetual inventory system. LO6
Explain the entries for sales revenues under a perpetual inventory system. LO6
Explain the steps in the accounting cycle for a merchandiser. LO6
Prepare a work sheet for a merchandiser. LO6
Presented below are the components in Sang Nam Asian Garden’s income statement. Determine the missing amounts. LO6 Cost of Gross Operating Net Sales Goods Sold Profit Expenses Income(a) $75,000 ? $31,500 ? $10,800(b) $108,000 $70,000 ? ? $29,500(c) ? $71,900 $99,600 $39,500 ?
Keo Salad Buffet buys merchandise on account from Cesar Company. The selling price of the goods is $800, and the cost of the goods is $560. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. LO6
Prepare the journal entries to record the following transactions on Rowen Oven & Range books using a perpetual inventory system. LO6(a) On March 2, Rowen sold $800,000 of merchandise to Mosquera Eateries, terms 2/10, n/30.The cost of the merchandise sold was $580,000.(b) On March 6, Mosquera
At year-end the perpetual inventory records of Kren Foods showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was$97,100. Record the necessary adjusting entry. LO6
Prasad Pasta Manufacturing has the following merchandise account balances: Sales$180,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory$40,000. Prepare the entries to record the closing of these items to Income Summary. LO6
Presented below is the format of the work sheet presented in the chapter. LO6 Adjusted Trial Income Trial Balance Adjustments Balance Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Indicate where the following items will appear on the work sheet: (a) Cash, (b) Merchandise Inventory,
Information related to Munoz Pizza is presented below. LO6 1. On April 5, purchased merchandise from Freeman Tomato Sauce for $17,000 terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight costs of $900 on merchandise purchased from Freeman.3. On April 7, purchased equipment on account
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