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Accounting 5th Edition Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones - Solutions

You are preparing the financial statements for the year ended October 31, 20X5, for Zadell Software Company. You began with the trial balance of the ledger, which balanced, and then made the required adjusting entries. To save time, you omitted preparing an adjusted trial balance. After making the
Link Back to Chapter 3 (Revenue Principle), Forbes Painting Company wishes to expand and has borrowed $2 million. As a condition for making this loan, the bank requires that Forbes maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the
This problem, based on the balance sheet of Target Corporation in Appendix A. will famil- iarize you with some of the assets and liabilities of that company. Use the Target balance sheet to answer the following questions. Required 1. Which balance sheet format does Target Corporation use? 2. Name
Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1. he deposited $1,000 in a new bank account in the name of the proprietorship. The $1.000 con- sisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equip- ment, purchased
Southwest Airlines Company started in 1971 with three planes and now has more than 300 planes that fly into 55 different cities. In years when many other airlines reported net losses, Southwest Airlines' low-cost, no-frills flights resulted in profits. 1. Go to http://www.Southwest.com, click on
Identify live users of accounting information, and explain how they use it.
Why are ethical standards important in accounting?
Which organization directs its standards toward independent auditors?
Which organization directs its standards more toward management accountants?
11 assets liabilities + owner's equity, then how can liabili- ties be expressed?
Give a more descriptive title for the balance sheet. What feature of the balance sheet gives this financial statement its name?
Give another title for the income statement. Which financial statement is like a snapshot of the entity at a specific time?
Which financial statement is like a video of the entity's operations during a period of time?
What information does the statement of owner's equity report?
Give a synonym for the owner's equity of a proprietorship.
What piece of information flows from the income statement to the statement of owner's equity?
What informa- tion flows from the statement of owner's equity to the balance sheet?
What balance sheet item is explained by the statement of cash flows? Net income
Lisa Malesovas publishes a travel magazine. In need of cash, she asks Community Bank & Trust for a loan. The bank's procedures require borrowers to submit financial statements to show likely results of operations for the first year and likely financial position at the end of the first year. With
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:a. Increase an asset and increase a liability Suppliesb. Increase one asset and decrease another asset. Accounts Receivablc. Decrease an asset and decrease owner's
Sterling Design, a proprietorship (Eric Sterling, owner), experienced the following events. State whether each event (1) increased. (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.a. Sterling Design received a cash investment from the
Compute the missing amount in the accounting equation for each entity: Assets Liabilities Company A Company B Company C $ ? $61,800 65.900 81.700 79.800 Owner's Equity $34.400 34,000
Oracle Corporation started 19X9 with total assets of $5,819 million and total liabilities of $2.861 million. At the end of 19X9, Oracle's total assets stood at $7.260 million. and total liabilities were $3.565 million. Required 1. Did the owners' equity of Oracle Corporation increase or decrease
Telemarketing Associates' balance sheet data at May 31, 20X2, and June 30, 20X2. follow: May 31, 20X2 Total assets $150,000 Total liabilities 109.000 June 30, 20X2 $195,000 131.000 Required Following are three assumptions about investments and withdrawals by the owner of the business during June.
Indicate the effects of the following business transactions on the accounting equation. Transaction (a) is answered as a guide.a. Received cash of $18,000 from the owner, who was investing in the business. Answer: Increase asset (Cash) Increase owner's equity (Capital)b. Paid $700 cash to purchase
Lance Huber opens a medical practice. During the first month of operation. May, the business, entitled Lance Huber, M.D., experienced the following events. May 6 9 12 15 15-31 15-31 28 31 Required Huber invested $90,000 in the business by opening a bank account in the name of Lance Huber, M.D.
The analysis of the transactions that Sinclair Leasing completed during its first month of operations follows. The company buys equipment that it leases out to earn revenue. The owner of the business made only one investment to start the business and no withdrawals. Accounts Lease Accounts (a) Cash
The balances of the assets and liabilities of TELETAX as of September 30, 20X2, follow. Also included are the revenue and expense figures of this tax-preparation business for September, Delivery service revenue. Accounts receivable. Accounts payable. M. Dalton, capital Salary expense. Required
The assets. liabilities, owner's equity, revenues, and expenses of Venecor Import Service at December 31, 20X3, the end of its first year of business, have the following balances. During the year, T. Venecor, the owner, invested $15,000 in the business. Office furniture.. $ 45.000 Note payable
In this exercise you will practice using the actual data of a well-known company. The 19X9 annual report of Toys "" Us reported net sales revenue of $11.170 million. Total expenses for the year were $11.302 million. Toys " Us ended the year with total assets of $7.899 million, and the company owed
During 19X8. Lands' End, Inc.. the catalog merchant located in Dodgeville. Wisconsin, experienced the following cash flows (adapted): Collections from customers. Payments to suppliers and employees. Purchases of assets..... Dividend payments to owners (same as withdrawals by owner) Cash balance.
Compute the missing amounts for each of the following companies. For each com- pany, you will need to prepare a statement of owner's equity. Beginning: Assets Liabilities. Ending: Assets Liabilities. Owner's Equity: Investments by owner.. Withdrawals by owner. Income Statement: Revenues....
Blake Dubis practiced law with a partnership for five years after graduating from law school. Recently he resigned his position to open his own law office, which he operates as a proprietorship. The name of the new entity is Blake Dubis, Attorney. Dubis experienced the following events during the
The bookkeeper of Trsoro Publishing Co. prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the owner's equity amount needed to achieve this balance.
Olivia Casinelli is a realtor. She buys and sells properties on her own, and she also earns commissions as a real estate agent for buyers and sellers. She organized her business as a proprietorship on November 24, 20X4. Consider the following facts as of November 30, 20X4.a. Casinelli owed $55,000
Mandarin Enterprises was recently formed. The balance of each item in the company's accounting equation is shown for October 10 and for each of the nine following business days. Accounts Accounts Owner's Cash Receivable Supplies Land Payable Equity Oct. 10 $ 4.000 $4.000 $1.000 $ 8.000 $4.000
Presented below are (a) the assets and liabilities of Starmate Talent Search as of December 31, and (b) the revenues and expenses of the company for the year ended on that date. The items are listed in alphabetical order. Accounts payable. Accounts receivable Advertising expense. Building...
Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors. The following amounts summarize the financial position of her business on August 31, 20X2: Assets Accounts Liabilities + Owner's Equity Accounts Helen Ingersoll, Cash + Receivable + Supplies + Land Payable +
Sharon Marsh practiced law with a partnership for ten years after graduating from law school. Recently she resigned her position to open her own law office, which she operates as a proprietorship. The name of the new entity is Sharon Marsh. Attorney. Marsh experienced the following events during
The bookkeeper of Haynes Editorial Service prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the owner's equity amount to achieve this
Nik Tahari is a realtor. He buys and sells properties on his own, and he also earns commission as a real estate agent for buyers and sellers. He organized his business as a proprietorship on March 10, 20X2. Consider the following facts as of March 31, 20X2:a. Tahari had $15,000 in his personal bank
Royal Gulf Oil Company was recently formed. The balance of each item in the company's accounting equation follows for April 4 and for each of the nine business days given: Bu ar (C Cash Accounts Receivable Supplies Accounts Owner's Land Payable Equity Apr. 4 $2,000 9 6,000 $7,000 3,000 $ 800
The amounts of (a) the assets and liabilities of Aspen Supply Co. as of December 31. 20X4, and (b) the revenues and expenses of the company for the year ended on that date fol- low. The items are listed in alphabetical order. Accounts payable.. Note payable........ Property tax expense. $ 31.000
Joel Clark owns and operates an interior design studio called Clark Design Studio. The following amounts summarize the financial position of his business on April 30. 20X5: Assets = Liabilities + Owner's Equity Accounts Accounts Joel Clark, Bal. Cash + Receivable + Supplies + Land 1.720 3,240
Camp Trinity conducts summer camps for children with disabilities. Samuel and Margaret Shields operate the camp near Leander, Texas. Because of the nature of its business, the camp experiences many unusual transactions. Evaluate each of the following transactions in terms of its effect ,on Camp
MELINDA GARCIA CAREER SERVICES Balance Sheet August 31, 20X4 Cash. Accounts receivable. Office supplies Office furniture. Land Total assets. Assets Liabilities $ 11,000 Accounts payable. $ 6,000 7,000 Note payable... 168,000 1.000 Total liabilities.. 174,000 56,000 169.000 Owner's Equity Melinda
The chapter-opening story relates to the billions of dollars the tobacco companies have paid because of smoking-related illnesses. In particular, Philip Morris, a leading cigarette manufacturer, paid over $3 billion in 1998. Required 1. Suppose you are the chief financial officer (CFO) responsible
The board of directors of Silvertron Corporation is meeting to discuss the past year's results before releasing financial statements to the public. The discussion includes this exchange: Amanda Blume, company president: "Well, this has not been a good year! Revenue is down and expenses are up-way
This and similar cases in later chapters locus on the financial statements of a real company- Target Corporation, the upscale discount chain. As you work each problem, you will build your confidence in understanding and using the financial statements of real companies. Reler to Target Corporation's
You are opening a pet kennel. Your purpose is to earn a profit, so you will need to establish the business. Assume you organize as a proprietorship. 1. Make a detailed list of ten factors you must consider to establish the business. 2. Identify ten or more transactions that your business will
You are promoting a rock concert in your area. Your purpose is to earn a profit. so you will need to establish the business. Assume you organize as a proprietorship. Required 1. Make a detailed list of ten factors you must consider to establish the business. 2. Describe ten of the items your
go to http://www.hoovers.com and then use the "Search" scroll bar to selea Company. In the next box type eBay and then click on Go. For eBay Inc. click on Capsule.a. Read the written description of the company and briefly summarize its contents.b. Review the other site information and comment on
go to the page and click on the Financials tab. Under "Free Financial Information" click on Annual Financials.a. For the three most recent years, list the amounts reported for "Revenue" and "Total Net Income." Is eBay growing and expanding? Is eBay a profitable company?b. For the most recent
Go to the top of the page and click on the Company Capsule tab. Click on the URL for eBay (www.ebay.com) and then click on Browse to explore the world's largest online market- place. Comment on one item you found of interest.
What are the three basic types of accounts? Name two additional types of accounts.
Which of the three basic types are these two additional types of accounts most closely related to?
Indicate the normal balance of the five types of accounts. Account Type Assets Liabilities Normal Balance Capital Revenues Expenses
Label each of the following transactions as increasing owner's equity (+), decreasing owner's equity (-), or as having no effect on owner's equity (0) Write the appro- Pate symbol in the space provided.a. Investment by ownerb. Revenue transaction Cc. Purchase of supplies on creditd. Expense
Rearrange the following accounts in their logical sequence in the ledger: 3 Notes Payable Cash P Accounts Receivable 4 Jane East. Capital Sales Revenue Salary Expense
What is the meaning of this statement? Accounts Payable has a credit balance of $1.700.
What is the advantage of analyzing transactions without the use of a journal? Describe how this analysis works.
There are three broad categories of accounts: assets, liabilities, and owner's equity. 1. Owner's equity is more complex than assets and liabilities. What is the definition of owner's equity? Suppose your assets total S8,000 and your liabilities are S 5,000. How much is your owner's equity? 2.
olfe Schmidt opened an architectural firm and immediately paid S60,000 for Explaining an asset versus an equipment to be used in the business. Was Schmidt's payment an expense of the business? If expense not, what did he acquire? Explain your reasoning after reviewing the definitions of assets on
Understanding basic concepts is essential for success in accounting. Tighten your grip on the accounting process by filling in the blanks to review the definitions of key terms. Erika Darby, an introductory accounting student, is describing the accounting process for a friend who is a philosophy
Accounting has its own vocabulary and basic relationships. Match the accounting terms at left with the corresponding definition at right. 1. Ledger 2. Posting 3. Normal balance 4. Payable 5. Journal 6. Receivable 7. Capital 8. Debit 9. Expense 10. Net income A. Record of transactions B. Always an
Josh Birbary, a recent graduate, is tutoring Trevor Grant, who is taking introductory accounting. Josh explains to Trevor that debits are used to record increases in accounts and credits record decreases. Trevor is confused and seeks your advice. When are credits increases? When are credits
Lee Jackson opened a medical practice in Cincinnati, Ohio. Record the following transactions in the journal of Lee Jackson. M.D. Include an explanation with each journal entry. June 1 2 2 3 Jackson invested $25,000 cash in a business bank account to start his medical practice. The business received
After operating for a month, Lee Jackson, M.D., completed the following transactions during the latter part of July: July 15 22 30 31 31 31 Borrowed $20,000 from the bank. signing a note payable. Performed service for patients on account, $2.800. Received cash on account from patients. $1.000.
The accounting records of all businesses include three basic categories of accounts: assets. liabilities, and owner's equity. In turn, owner's equity is divided into the following categories: capital, withdrawals, revenues, and expenses. Identify which categories of accounts-including the subparts
Marianne Vogel purchased supplies on account for $3.000. Two weeks later. Vogel paid half on account. 1. Journalize the two transactions on the books of Marianne Vogel. Include an explanation for each transaction. 2. Open the Accounts Payable account and post to Accounts Payable. Compute the
Peter Nguyen performed legal service for a client who could not pay immediately. Nguyen expected to collect the $5.000 the following month. Later. Nguyen received $2.700 cash from the client. 1. Record the two transactions on the books of Peter Nguyen, Attorney Include an expla- nation for each
Use the June transaction data for Lee Jackson. M.D., given in Daily Exercise 2-7. 1. Open the following T-accounts of Lee Jackson, M.D.: Cash: Accounts Receivable: Medical Supplies: Accounts Payable: Lee Jackson, Capital: Service Revenue: Rent Expense. 2. Alter making the journal entries in Daily
intel Corporation, famous for the Pentium® processor, reported the following summarized data at December 31, 19X9. Accounts appear in no particular order; dollar amounts are in billions.Revenues. 529 Other liabilities. $11 Other assets. 40 Cash... 4 Accounts payable. Capital... 1 Expenses.. 22 25
Jeff Hatton. Attorney, prepared the business's trial balance on page 61. Suppose Hatton made two errors in preparing the trial balance, as follows: Error 1-Hatton erroneously listed his capital balance of $10,000 as a debit rather than as a credit. Error 2-Hatton erroneously listed Service Revenue
Metrolink Apartment Finder Service helps college students locate apartments because Dundalk Community College has no student housing on campus. Wayne Gibbs, the owner of Metrolink, is setting up the business's chart of accounts after making an initial investment of cash in the business. Gibbs will
Marta Fraser established Bodyfit, a health club, with an initial cash investment of $100,000. The business immediately purchased equipment on account for $45,000. Marta needs to know her account balances immediately and doesn't have time to journalize the transactions. 1. Open the following
Your employer. Digitech Enterprises. has just hired an office manager who does not understand accounting. Digitech's trial balance lists Cash of $43.000. Write a short memo to the office manager, explaining the accounting process that produced this listing on the trial balance. Mention debits,
Link Back to Chapter 1 (Accounting Equation). The Coca-Cola Company is famous worldwide for its soft drinks. At the end of 1999, Coca-Cola had total assets of $22 billion and liabilities totaling $12 billion. Required 1. Write the company's accounting equation, and label each element as a debit
Analyze the following transactions in the manner shown for the December I transac- tion of Miramar Electronics. Also record each transaction in the journal. Explanations are not required. Dec. 1 Paid utilities expense of $700. (Analysis: The expense. Utilities Expense, is increased; therefore,
Refer to Exercise 2-3 for the transactions of Miramar Electronics. Required 1. Open the following T-accounts with their December 1 balances: Cash, debit balance $6,000: Land, debit balance $29,000: Martha Cross, Capital, credit balance $35.000. 2. Record the transactions of Exercise 2-3 directly in
New Balance Spa engaged in the following transactions during March 20X3, its first month of operations: Mar. 1 Joy Liebermann invested $55,000 of cash to start the business. 2 Purchased office supplies of $200 on account. 4 Paid $40,000 cash for a building to use as an office in the very near
Refer to Exercise 2-5 for the transactions of New Balance Spa. Required 1. Alter journalizing the transactions of Exercise 2-5, post the entries to the ledger, using T-account format. Key transactions by date. Date the ending balance of each account Mar. 31. 2. Prepare the trial balance of New
The journal of Freebin & Associates includes the following transaction entries for May 20X6 Required 1. Describe each transaction. 2. Post the transactions to the ledger using the following account numbers: Cash, 110: Accounts Receivable. 120: Supplies. 130: Accounts Payable. 210: Note Payable,
The first five transactions of Flores Security Company have been posted to the company's accounts as follows: A554T CASH ASSET SUPPLIES (1) 62,000 (3) 56,000 (2) 400 (4) 7,000 (5) 6,000 liability ACCOUNTS PAYABLE (2) ASSET EQUIPMENT (5) 6,000 Liability NOTE PAYABLE 400 T (4) 7,000 Journalizing
Prepare the trial balance of Flores Security Company at April 30, 20X4, using the Preparing a trial balance account data from Exercise 2-8. (Obj. 5)
The accounts of Beaulieu Company follow with their normal balances at December 31, 20X4. The accounts are listed in no particular order. Account Balance Pierre Beaulieu, capital. $48,800 Advertising expense.. 650 Accounts payable.. 4.300 Sales commission revenue. 26,000 Land. 29,000 Supplies
The trial balance of Atlantis Enterprises at March 31, 20X9, does not balance: Cash $ 4.500 Accounts receivable 2,000 Supplies... 600 Land 66.000 Accounts payable. $23,000 Paige Dylan, capital. 41.600 Service revenue 9.700 Salary expense 1,700 Rent expense 800 Utilities expense Total. 300 $75,900
Open the following T-accounts of Cole Gates, CPA: Cash: Accounts Receivable: Office Supplies: Office Furniture: Accounts Payable: Cole Gates. Capital: Cole Gates. Withdrawals; Service Revenue: Salary Expense: Rent Expense. Record the following transactions directly in the T-accounts without using a
After recording the transactions in Exercise 2-12. prepare the trial balance of Cole Gates, CPA, at May 31, 20X7.
Moseley Supply began when Lynette Moseley invested $75.000 cash in a business bank account. During the first week, the business purchased supplies on credit for $8.000 and paid $12,000 cash for equipment. Moseley later paid $5,000 on account. Required 1. Open the following T-accounts: Cash:
Amos Faraday completed these transactions during the first half of December: Invested $14,000 to start a consulting practice. Amos Faraday, Consultant. Paid monthly office rent. $500. Dec. 2 223 4 5928 12 18 Paid cash for a Dell computer. $2.000. The computer is expected to remain in service for
The owner of Midwest Catering Services needs to compute the following summary information from the accounting records:a. Net income for the month of March.c. Cash collections from customers during March.b. Total cash paid during March.d. Cash paid on a note payable during March. The quickest way to
Tara Hale has trouble keeping her debits and credits equal. During a recent month. she made the following errors:a. In journalizing a receipt of cash for service revenue. Hale debited Cash for $1,800 instead of the correct amount of $800. Hale credited Service Revenue for $1.800. the incorrect
Go to http://www.quicken.com and read the "Top News headlines. In the "Get Quotes & Research" section type INTU. the stock symbol of Intuit Inc., and then click on Go. Review the information provided and comment on one item of interest.
In the left-hand column, click on Financial Statements. Amounts are reported in thou- sands.a. For the three most recent fiscal years, list the amounts reported for "Total Revenues" and "Net Incomes. For each of these amounts, comment on the results from 1997 to 1999. Is the trend favorable or
It is important to understand the accounting process even though financial software is available. Explain why this is true.
Select one other leature of this Web site to explore. Comment on what you found and whether you consider this feature useful.
Contact a local business and arrange with the owner to learn what accounts the business uses. Required 1. Obtain a copy of the business's chart of accounts. 2. Prepare the company's financial statements for the most recent month, quarter, or year. You may use either made-up account balances or
This problem helps you develop skill in recording transactions by using a company's actual account titles. Refer to the Target Corporation financial statements in Appendix A. Assume that Target completed the following selected transactions during October 2001: Oct. 5 Earned sales revenue on
Brave Hearts, a charitable organization in Panama City, Florida, has a standing agreement with De Leon State Bank. The agreement allows Brave Hearts to overdraw its cash balance at the bank when donations are running low. In the past, Brave Hearts managed funds wisely and rarely used this

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