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principles financial accounting

Financial Accounting 8th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather - Solutions

The following are the major balance sheet classifications:Current liabilities (CL)Long-term liabilities (LTL)Stockholders’ equity (SE)Current assets (CA)Long-term investments (LTT)Property, plant, and equipment (PPE)Intangible assets (IA)Match each of the following accounts to its proper balance
Janet Adams is preparing a worksheet. Explain to Janet how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Accounts Receivable Accumulated Depreciation Utilities Expense Service Revenue Notes Payable Common Stock
Tyler Pahl recently received the following information related to Pahl Combalance sheet. pany’s December 31, 2014, balance sheet.(LO 6) Inventory $ 4,100 Short-term, investments $1,200 Cash 3,900 Accumulated depreciation 5,200 Equipment 21,700 Accounts receivable 4,300 Investments in stock
The following accounts were taken from the financial statements of Orville sheet classifications. Company.(LO 6) Interest revenue Common stock Utilities payable Accumulated depreciation—equipment Accounts payable Equipment Supplies Salaries and wages expense Bonds payable Investment in real
The trial balance columns of the worksheet for Cajon Company at June 30, 2014,(LO 1) are as follows.Cajon Company Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr.Cash $4,020 Accounts Receivable 2,440 Supplies 1,900 Accounts Payable $1,120 Unearned Service Revenue 240
The adjusted trial balance columns of the worksheet for Albanese Company are as Complete the worksheet.follows. (LO 1)Albanese Company Worksheet (partial) xis |For the Month Ended April 30, 2014 Adjusted Income Trial Balance Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr.Cash 7,442
Worksheet data for Albanese Company are presented in E4-2. No common stock was _ (LO 1, 6) XLS |issued during April.Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet.
Worksheet data for Albanese Company are presented in E4-2. Journalize and post closing entries and prepare a post- Instructions closing trial balance. (a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Retained Earnings. Use T-accounts. (LO 2, 3)(c)
The adjustments columns of the worksheet for Munoz Company are shown below. _ Prepare adjusting entries Adjustments from a worksheet, and eee HS extend balances to worksheet Account Titles Debit Credit Columns.Accounts Receivable 600 (LO 1)Prepaid Insurance 400 Accumulated Depreciation—Equipment
Lanza Company had the following adjusted trial balance.prepare a post-closing trial balance.(LO 2, 3) Lanza Company Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Account Titles Debits Credits Cash SS SAW Accounts Receivable 3,904 Supplies 480 Accounts Payable S556
Roth Company ended its fiscal year on July 31, 2014. The company’s adjusted trial(LO 2, 3) balance as of the end of its fiscal year is as shown on the next page.Roth Company Adjusted Trial Balance July 31, 2014 No. Account Titles Debits Credits 101 Cash $ 9,840 112 Accounts Receivable 8,140 Sy7
Selected accounts for Michelle’s Salon are presented below. All June 30 postings are from closing entries.Salaries and Wages Expense Service Revenue Retained Earnings 6/10 3,200 | 6/30 8,800 6/30 18,100 | 6/15. 9,700 6/30 2,200 | 6/1 12,000 6/28 5,600 6/24 8,400 6/30 5,400 Balg¢715,200 Supplies
The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.Debits Credits Buildings $128,000 Common Stock $ 80,000 Accounts Receivable 7,540 Retained Earnings 28,000 Prepaid Insurance 4,680 Accumulated Depreciation—Buildings 42,600 Cash 18,040 Accounts
The following items were taken from the financial statements of Sexton Company.(All dollars are in thousands.)Long-term debt $ 1,000 Accumulated depreciation SS ZILDS Prepaid insurance 680 Accounts payable 1,444 Equipment 11,500 Notes payable (due after 2015) 800 Long-term investments 1,200 Common
These financial statement items are for Emjay Company at year-end, July 31, 2014.Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 50,700 Cash 14,200 Utilities expense 22,600 Accounts receivable 9,180 Equipment 30,000 Accumulated depreciation—equip.
On December 31, the adjusted trial balance of Select Employment Agency shows the following selected data.$24,500 $93,800 8,300 1,300 Analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $1,300 interest expense.Service Revenue Interest Payable
Sherlock Holmes began operations as a private investigator on January 1, 2014.The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.Sherlock Holmes P.I., Inc.Worksheet For the Quarter Ended March 31, 2014 Account Titles Cash Accounts Receivable
Sherlock Holmes began operations as a private investigator on January 1, 2014.The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.Trial Balance(a) Enter the trial balance on a worksheet and complete the worksheet.(b) Prepare an income statement and
The adjusted trial balance columns of the worksheet for Watson Company are as follows.Watson Company Worksheet For the Year Ended December 31, 2014 Adjusted Recount Trial Balance MSC ease ee account Titles ye ies De Cr.101 Cash 17,800 iL Accounts Receivable 14,400 126 Supplies 2,300 130 Prepaid
The completed financial statement columns of the worksheet for Hubbs Company Prepare financial statements, are shown below and on the next page. closing entries, and postclosing trial balance.Hubbs Company LO 1, 2, 3,6 Worksheet ( )For the Year Ended December 31, 2014 Income Statement Balance Sheet
Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Excelsior Amusement Park Worksheet For the Year Ended September 30, 2014 Adjusted Trial Balance Trial Balance Dr. Cr. Dr. Cr.Cash 34,400 34,400 Supplies 18,600 2,200
Lynda Hines opened Fresh Step Carpet Cleaners on March 1. During March, the Complete all steps in following transactions were completed. accounting cycle.Mar. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. (LO 1, 2, 3, 4, 6)1 Purchased used truck for $8,000,
Sara Yu, CPA, was retained by Info Cable to prepare financial statements for April Analyze errors and prepare 2014. Yu accumulated all the ledger balances per Info’s records and found the following. i hes entries and trial alance.Info Cable Trial Balance tes) April 30, 2014 Debit Credit Cash $
The trial balance columns of the worksheet for Firmament Roofing at March 31, statements, and adjusting 2014, are as follows.and closing entries.Firmament Roofing L011, 2,6 ( Worksheet For the Month Ended March 31, 2014 Trial Balance Account Titles ie Cr Cash 2,720 Accounts Receivable 2,700
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.Eagle Company Worksheet For the Year Ended December 31, 2014 Adjusted Mecount Trial Balance eNO. Account Titles Dr. Cr.101 Cash 5,300 iP Accounts Receivable 10,800 126 Supplies 1,500 130
The completed financial statement columns of the worksheet for Lathrop Com- Prepare financial statements, pany are shown below and on the next page. closing entries, and postclosing trial balance.Lathrop Company (LO 1, 2, 3, 6)Worksheet For the Year Ended December 31, 2014 Income Statement Balance
Kumar Management Services Inc. began business on January 1, 2014, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions Answer the questions below using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were PepsiCo’s total current assets at December 25,
Everclean Janitorial Service was started 2 years ago by Lauren Baird. Because business has been exceptionally good, Lauren decided on July 1, 2014, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Lauren obtained on July 1, 2014, a
Everclean Janitorial Service was started 2 years ago by Lauren Baird. Because business(1) Unbilled janitorial services performed were $3,900.(2) Janitorial supplies on hand were $2,100.(3) Prepaid insurance was a 3-year policy dated January 1, 2014.(4) December expenses incurred but unpaid at
The accounting cycle is important in understanding the accounting process.Instructions Write a memo to your instructor that lists the steps of the accounting cycle in the order they should be completed. End with a paragraph that explains the optional steps in the cycle.Ethics Case
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives them a basis for planning for the future. In order to evaluate your financial position, you need to
The statement of financial position for Diaz Company includes the following accounts(in pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies£5,200; and Short-Term Investments £6,700. Prepare the current assets section of the statement of financial position,
Zurich Company recently received the following information (in Swiss francs) related to the company’s December 31, 2014, statement of financial position.Inventories CHF 2,700 Short-term investments CHF 120 Cash 13,100 Accumulated depreciation—Equipment 21,700 equipment 5,700 Investments in
The following information is available for Rego Bowling Alley at December 31, 2014.Buildings $128,000 Share Capital $90,000 Accounts Receivable 7,540 Retained Earnings 22,000 Prepaid Insurance 4,680 Accumulated Depreciation—Buildings 42,600 Cash 18,040 Accounts Payable 12,300 Equipment 62,400
Brian Hopkins is interested in comparing the liquidity and solvency of a U.S. software company with a Chinese competitor. Is this possible if the two companies report using different currencies?International Comparative Analysis Problem:PepsiCo vs. Zetar plc
Which types of accounts will appear in the postclosing trial balance?(a) Permanent (real) accounts.(b) Temporary (nominal) accounts.(c) Accounts shown in the income statement columns of a worksheet.(d) None of the above.
The ledger of Keo Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $61,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a) expired insurance $1,300; (b) services provided $1,100, but unbilled and uncollected; and (c)
Using the data in BE4-4, enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.
The following are the major balance sheet classifications:Current liabilities (CL)Long-term liabilities (LTL)Stockholders’ equity (SE)Current assets (CA)Long-term investments (LTT)Property, plant, and equipment (PPE)Intangible assets (IA)Match each of the following accounts to its proper balance
Janet Adams is preparing a worksheet. Explain to Janet how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Accounts Receivable Accumulated Depreciation Utilities Expense Service Revenue Notes Payable Common Stock
Tyler Pahl recently received the following information related to Pahl Combalance sheet. pany’s December 31, 2014, balance sheet.(LO 6) Inventory $ 4,100 Short-term, investments $1,200 Cash 3,900 Accumulated depreciation 5,200 Equipment 21,700 Accounts receivable 4,300 Investments in stock
The following accounts were taken from the financial statements of Orville sheet classifications. Company.(LO 6) Interest revenue Common stock Utilities payable Accumulated depreciation—equipment Accounts payable Equipment Supplies Salaries and wages expense Bonds payable Investment in real
The trial balance columns of the worksheet for Cajon Company at June 30, 2014,(LO 1) are as follows.Cajon Company Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr.Cash $4,020 Accounts Receivable 2,440 Supplies 1,900 Accounts Payable $1,120 Unearned Service Revenue 240
The adjusted trial balance columns of the worksheet for Albanese Company are as Complete the worksheet.follows. (LO 1)Albanese Company Worksheet (partial) xis |For the Month Ended April 30, 2014 Adjusted Income Trial Balance Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr.Cash 7,442
Worksheet data for Albanese Company are presented in E4-2. No common stock was _ (LO 1, 6) XLS |issued during April.Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet.
Worksheet data for Albanese Company are presented in E4-2. Journalize and post closing entries and prepare a post- Instructions closing trial balance. (a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Retained Earnings. Use T-accounts. (LO 2, 3)(c)
The adjustments columns of the worksheet for Munoz Company are shown below. _ Prepare adjusting entries Adjustments from a worksheet, and eee HS extend balances to worksheet Account Titles Debit Credit Columns.Accounts Receivable 600 (LO 1)Prepaid Insurance 400 Accumulated Depreciation—Equipment
Lanza Company had the following adjusted trial balance.prepare a post-closing trial balance.(LO 2, 3) Lanza Company Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Account Titles Debits Credits Cash SS SAW Accounts Receivable 3,904 Supplies 480 Accounts Payable S556
Roth Company ended its fiscal year on July 31, 2014. The company’s adjusted trial(LO 2, 3) balance as of the end of its fiscal year is as shown on the next page.Roth Company Adjusted Trial Balance July 31, 2014 No. Account Titles Debits Credits 101 Cash $ 9,840 112 Accounts Receivable 8,140 Sy7
Selected accounts for Michelle’s Salon are presented below. All June 30 postings are from closing entries.Salaries and Wages Expense Service Revenue Retained Earnings 6/10 3,200 | 6/30 8,800 6/30 18,100 | 6/15. 9,700 6/30 2,200 | 6/1 12,000 6/28 5,600 6/24 8,400 6/30 5,400 Balg¢715,200 Supplies
The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.Debits Credits Buildings $128,000 Common Stock $ 80,000 Accounts Receivable 7,540 Retained Earnings 28,000 Prepaid Insurance 4,680 Accumulated Depreciation—Buildings 42,600 Cash 18,040 Accounts
The following items were taken from the financial statements of Sexton Company.(All dollars are in thousands.)Long-term debt $ 1,000 Accumulated depreciation SS ZILDS Prepaid insurance 680 Accounts payable 1,444 Equipment 11,500 Notes payable (due after 2015) 800 Long-term investments 1,200 Common
These financial statement items are for Emjay Company at year-end, July 31, 2014.Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 50,700 Cash 14,200 Utilities expense 22,600 Accounts receivable 9,180 Equipment 30,000 Accumulated depreciation—equip.
On December 31, the adjusted trial balance of Select Employment Agency shows the following selected data.$24,500 $93,800 8,300 1,300 Analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $1,300 interest expense.Service Revenue Interest Payable
Sherlock Holmes began operations as a private investigator on January 1, 2014.The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.Sherlock Holmes P.I., Inc.Worksheet For the Quarter Ended March 31, 2014 Account Titles Cash Accounts Receivable
Sherlock Holmes began operations as a private investigator on January 1, 2014.The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.Trial Balance(a) Enter the trial balance on a worksheet and complete the worksheet.(b) Prepare an income statement and
The adjusted trial balance columns of the worksheet for Watson Company are as follows.Watson Company Worksheet For the Year Ended December 31, 2014 Adjusted Recount Trial Balance MSC ease ee account Titles ye ies De Cr.101 Cash 17,800 iL Accounts Receivable 14,400 126 Supplies 2,300 130 Prepaid
The completed financial statement columns of the worksheet for Hubbs Company Prepare financial statements, are shown below and on the next page. closing entries, and postclosing trial balance.Hubbs Company LO 1, 2, 3,6 Worksheet ( )For the Year Ended December 31, 2014 Income Statement Balance Sheet
Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Excelsior Amusement Park Worksheet For the Year Ended September 30, 2014 Adjusted Trial Balance Trial Balance Dr. Cr. Dr. Cr.Cash 34,400 34,400 Supplies 18,600 2,200
Lynda Hines opened Fresh Step Carpet Cleaners on March 1. During March, the Complete all steps in following transactions were completed. accounting cycle.Mar. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. (LO 1, 2, 3, 4, 6)1 Purchased used truck for $8,000,
Sara Yu, CPA, was retained by Info Cable to prepare financial statements for April Analyze errors and prepare 2014. Yu accumulated all the ledger balances per Info’s records and found the following. i hes entries and trial alance.Info Cable Trial Balance tes) April 30, 2014 Debit Credit Cash $
The trial balance columns of the worksheet for Firmament Roofing at March 31, statements, and adjusting 2014, are as follows.and closing entries.Firmament Roofing L011, 2,6 ( Worksheet For the Month Ended March 31, 2014 Trial Balance Account Titles ie Cr Cash 2,720 Accounts Receivable 2,700
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.Eagle Company Worksheet For the Year Ended December 31, 2014 Adjusted Mecount Trial Balance eNO. Account Titles Dr. Cr.101 Cash 5,300 iP Accounts Receivable 10,800 126 Supplies 1,500 130
The completed financial statement columns of the worksheet for Lathrop Com- Prepare financial statements, pany are shown below and on the next page. closing entries, and postclosing trial balance.Lathrop Company (LO 1, 2, 3, 6)Worksheet For the Year Ended December 31, 2014 Income Statement Balance
Kumar Management Services Inc. began business on January 1, 2014, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at
Tom Brennan opened Brennan’s Cleaning Service on July 1, 2014. During July the following transactions were completed.July 1 Stockholders invested $20,000 cash in the business in exchange for common stock.1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account.3 Purchased
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions Answer the questions below using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were PepsiCo’s total current assets at December 25,
Everclean Janitorial Service was started 2 years ago by Lauren Baird. Because business has been exceptionally good, Lauren decided on July 1, 2014, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Lauren obtained on July 1, 2014, a
Everclean Janitorial Service was started 2 years ago by Lauren Baird. Because business(1) Unbilled janitorial services performed were $3,900.(2) Janitorial supplies on hand were $2,100.(3) Prepaid insurance was a 3-year policy dated January 1, 2014.(4) December expenses incurred but unpaid at
The accounting cycle is important in understanding the accounting process.Instructions Write a memo to your instructor that lists the steps of the accounting cycle in the order they should be completed. End with a paragraph that explains the optional steps in the cycle.Ethics Case
As the controller of Take No Prisoners Perfume Company, you discover a misstatement that 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 month ago.
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives them a basis for planning for the future. In order to evaluate your financial position, you need to
The statement of financial position for Diaz Company includes the following accounts(in pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies£5,200; and Short-Term Investments £6,700. Prepare the current assets section of the statement of financial position,
Zurich Company recently received the following information (in Swiss francs) related to the company’s December 31, 2014, statement of financial position.Inventories CHF 2,700 Short-term investments CHF 120 Cash 13,100 Accumulated depreciation—Equipment 21,700 equipment 5,700 Investments in
The following information is available for Rego Bowling Alley at December 31, 2014.Buildings $128,000 Share Capital $90,000 Accounts Receivable 7,540 Retained Earnings 22,000 Prepaid Insurance 4,680 Accumulated Depreciation—Buildings 42,600 Cash 18,040 Accounts Payable 12,300 Equipment 62,400
Brian Hopkins is interested in comparing the liquidity and solvency of a U.S. software company with a Chinese competitor. Is this possible if the two companies report using different currencies?International Comparative Analysis Problem:PepsiCo vs. Zetar plc
Which of the following is not a step in the accounting process?(a) Identification. (c) Recording.(b) Verification. (d) Communication.
As of December 31, 2014, Stoneland Company has assets of $3,500 and stockholders’ equity of $2,000.
What are the liabilities for Stoneland Company as of December 31, 2014?(a) $1,500. (b) $1,000. (c) $2,500. (d) $2,000.
During 2014, Gibson Company’s assets decreased$50,000 and its liabilities decreased $90,000. Its stockholders’ equity therefore:(a) increased $40,000. (c) decreased $40,000.(b) decreased $140,000. (d) increased $140,000.
Which of the following items are liabilities of Designer Jewelry Stores?(a) Cash.(b) Accounts payable.(c) Dividends.(d) Accounts receivable. payable.(e) Supplies. (i) Rent expense.
Listed below are some items found in the financial statements of Alex Greenway Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue. (e) Retained earnings.(b) Equipment. (f) Salaries and wages(c) Advertising expense. payable.(d) Accounts receivable.
Presented below is the basic accounting equation. Determine the missing amounts. —_ Use basic accounting Assets = Liabilities ae Stockholders’ Equity ee (a) $90,000 $50,000 ? ra(b) ? $45,000 $70,000(c) $94,000 ? $60,000
Indicate whether each of the following items is an asset (A), liability (L), or part of stockholders’ equity (SE).(a) Accounts receivable(b) Salaries and wages payable(c) Equipment(d) Supplies(e) Owner’s investment(f) Notes payable
Follow the same format as BE1-6 above. Determine the effect on assets, liabilities, and stockholders’ equity of the following three transactions.(a) Stockholders invested cash in the business for common stock.(b) Paid a cash dividend.(c) Received cash from a customer who had previously been
Classify each of the following items as dividends (D), revenue (R), or expense (E).(a) Advertising expense (e) Dividends(b) Service revenue (f) Rent revenue(c) Insurance expense (g) Utilities expense(d) Salaries and wages expense
Indicate whether the following items would appear on the income statement (IS), | Determine where items balance sheet (BS), or retained earnings statement (RE). appear on financial ______(a) Notes payable (d) Cash statements.(b) Advertising expense (e) Service revenue (LO 8)(c) Common stock (f)
Indicate whether each of the five statements presented below is true or false. Review basic concepts.1. The three steps in the accounting process are identification, recording, and examination. (LO 1, 2, 4)2. The two most common types of external users are investors and creditors.3. Congress passed
Classify the following items as issuance of stock (I), dividends (D), revenues Evaluate effects of(R), or expenses (E). Then indicate whether each item increases or decreases stockholders’ ‘ransactions on equity. stockholders’ equity.1. Dividends 3. Advertising expense (LO 6)2. Rent revenue
Transactions made by Callahan and Co., a law firm, for the month of March Prepare tabular analysis.are shown below. Prepare a tabular analysis which shows the effects of these transac- (|g 7)tions on the accounting equation, similar to that shown in Illustration 1-9.1. The company provided $23,000
Presented below is selected information related to Narrow Gage Company at = Calculate effects of December 31, 2014. Narrow Gage reports financial information monthly. transactions on financial statement items. Accounts Payable $ 3,000 Salaries and Wages Expense $16,500 (LO 8)Cash 9,000 Notes
Sondgeroth Company performs the following accounting tasks during the year. Classify the three activities of accounting. Analyzing and interpreting information. (LO 1)Classifying economic events.Explaining uses, meaning, and limitations of data.Keeping a systematic chronological diary of
Selected transactions for Spring Green Lawn Care Company are listed below.. Sold common stock for cash to start business.. Paid monthly rent.. Purchased equipment on account.. Billed customers for services performed.. Paid dividends.. Received cash from customers billed in (4).. Incurred
An analysis of the transactions made by J. L. Kang & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholders’equity is explained.Exercises SY Analyze the effect of transactions.(LO 6, 7)Analyze the effect of transactions on
Kimmy Company had the following assets and liabilities on the dates indicated.December 31 Total Assets Total Liabilities 2013 $400,000 $260,000 2014 $480,000 $300,000 2015 $590,000 $400,000 Kimmy began business on January 1, 2013, with an investment of $100,000 from stockholders.Instructions From
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.Steven Georgia Craig Enterprises Beginning of year:Total assets $ 97,000 $129,000 Total liabilities 85,000 (c)Total
The following information relates to Karen Weigel Co. for the year 2014.Retained earnings, January 1, 2014 $48,000 Advertising expense $ 1,800 Dividends during 2014 5,000 Rent expense 10,400 Service revenue 62,500 Utilities expense 3,100 Salaries and wages expense 28,000 Instructions After
Lynn Dreise is the bookkeeper for Sanculi Company. Lynn has been trying to get the balance sheet of Sanculi Company to balance. Sanculi’s balance sheet is shown on the next page.Sanculi Company Balance Sheet December 31, 2014 Assets Liabilities Cash $14,000 Accounts payable $20,000 Supplies 8,000
Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.Revenues during 2014—camping fees $140,000 Revenues during 2014—general store 47,000 Accounts payable 11,000 Cash on hand 20,000 Original cost

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