Question: Determine the missing amounts in the following
Determine the missing amounts in the following accounting equations.
> The trial balance for Safenet, Inc., at September 15, 2018, follows: During the remainder of September, Safenet, Inc., completed the following transactions: Requirements 1. Journalize the transactions that occurred September 16 to September 30 on pag
> Braeden Miller opened an accounting firm on January 1, 2018. During the month of January, the business completed the following transactions: Requirements 1. Open or set up the following T-accounts: Cash, Accounts Receivable, Supplies, Land, Furniture,
> First Choice Fabrication, Inc., engaged in the following business transactions during May 2018: First Choice Fabrication, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Notes Payable, Common Stock, D
> This problem continues our accounting for Fitness Equipment Doctor, Inc., from Chapter 7. During 2018, Fitness Equipment Doctor made the following purchases: • On March 3, Fitness Equipment Doctor, Inc., purchased equipment for $3,600 cash. The equipment
> Amanda Bradford practices law under the business title Amanda Bradford, Attorney at Law, Inc. During June, her law practice engaged in the following transactions: Bradford’s business uses the following accounts: Cash, Accounts Receiva
> The following errors occurred in the accounting records of Wilburton Electronics, Inc.: a. The company accountant recorded the receipt of cash for service revenue by debiting Cash for $1,640 instead of the correct amount of $1,460. Service Revenue was al
> The accounts of Wellington Electronics Repair, Inc., and their normal balances at October 31, 2018, follow. The accounts are listed in no particular order. Requirements 1. Prepare the company’s trial balance at October 31, 2018, listi
> The IT manager of Highland Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that the balance sheet should balance, so she plugged in the r
> Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of The Fitness Guru, Inc., at August 31, 2018. The items are listed in alphabetical order. The retained earnings balance of the business
> Classic Cars, Inc., restores antique automobiles. The retained earnings balance of the corporation was $22,300 at December 31, 2017. During 2018, the corporation paid $20,000 in dividends to its stockholders. At December 31, 2018, the businessâ
> Breanna Baxter started an interior design company called Interiors on Demand, Inc., on June 1, 2018. The following amounts summarize the financial position of her business on June 14, 2018, after the first two weeks of operations: During the remainder
> Darin Oliver worked as an accountant at a local accounting firm for five years after graduating from college. He recently opened his own accounting practice, which he operates as a corporation. The name of the new entity is Oliver and Associates, Inc. Da
> The IT manager of Valley Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that the balance sheet should balance, so she plugged in the ret
> Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of Extreme Sports, Inc., at October 31, 2018. The items are listed in alphabetical order. The retained earnings balance of the busines
> In this problem, we continue our accounting for Fitness Equipment Doctor, Inc. Refer to the Continuing Problem in Chapters 4 and 5. Assume that all 15 of the treadmills Fitness Equipment Doctor, Inc., sold in July were sold on account for $4,350 each. In
> Go to the Columbia Sportswear Company Annual Report located in Appendix A. Now access the 2016 Annual Report for Under Armour, Inc. For instructions on how to access the report online, see the Industry Analysis in Chapter 1. Requirements Answer these qu
> To help you understand and compare the performance of two companies in the same industry. Go to the Columbia Sportswear Company Annual Report located in Appendix A and find the Consolidated Balance Sheets on page 663. Now access the 2016 Annual Report fo
> Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Consolidated Financial Statements starting on page 663. Now go online and access the 2016 Annual Report for Under Armour, Inc. For instructions on how to access the re
> Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Notes to the Consolidated Financial Statements starting on page 668. Now access the 2016 Annual Report for Under Armour, Inc., online. (For instructions on how to acce
> Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Financial Statements starting on page 663. Now access the 2016 Annual Report for Under Armour, Inc., from the Internet. For instructions on how to access the report on
> Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the section titled “Design and Evaluation of Internal Control Over Financial Reporting” in Item 9A starting on page 693. Now access the online 2016 Annual Report for Under
> Find the Columbia Sportswear Company annual report located in Appendix A, and go to the financial statements starting on page 663. Now access the 2016 annual report for Under Armour, Inc., online. For instructions on how to access the report, see the Ind
> Find the Columbia Sportswear Company Annual Report located in Appendix A, and go to the financial statements starting on page 663. Now access online the 2016 Annual Report for Under Armour, Inc.. For instructions on how to access the report online, see t
> Purpose: To help you understand and compare the performance of two companies in the same industry. Go to the Columbia Sportswear Company Annual Report located in Appendix A. Now access the 2016 Annual Report for Under Armour, Inc. For instructions on how
> Although we do not have access to the journals used by Columbia Sportswear, we can still understand various business transactions on the financial statements in Columbia Sportswear’s annual report. Refer to the Columbia Sportswear incom
> Bike World, Inc., wholesales a line of custom road bikes. Bike World’s inventory as of November 30, 2018, consisted of 22 mountain bikes costing $1,650 each. Bike World’s trial balance as of November 30 appears as foll
> This continues our accounting for Fitness Equipment Doctor, Inc. As stated in the Continuing Problem in Chapter 4, Fitness Equipment Doctor, Inc., began selling gym equipment in June. For this problem, we focus on the purchases and sales of treadmills du
> To help familiarize you with the financial reporting of a real company to further your understanding of the chapter material you are learning. Each chapter will have a financial statement case that focuses on material contained in that chapter. You will
> This case focuses on the liabilities of Columbia Sportswear Company. Current liabilities are those obligations that will become due and payable within the next year or operating cycle (whichever is longer), whereas long-term liabilities are those that ar
> This case addresses the long-term assets of Columbia Sportswear. The majority of these assets consist of property and equipment and intangible assets. In the text, you learned how most longterm tangible assets used in business are capitalized and depreci
> This case addresses the accounts receivable reflected on Columbia Sportswear’s balance sheet. We once again refer to the annual report for Columbia Sportswear, located in Appendix A, in order to answer some questions related to Columbia Sportswear’s rece
> This case continues our examination of the financial statements of Columbia Sportswear. In addition to the income statement (statement of operations) and the balance sheet of Columbia Sportswear in Appendix A, you will also be investigating the notes to
> This case uses both the income statement (statement of operations) and the balance sheet of Columbia Sportswear in Appendix A at the end of the book. Requirements 1. What income statement format does Columbia Sportswear use? How can you tell? 2. Calcula
> This case will help you to better understand the effect of adjusting journal entries on financial statements. You know that adjusting journal entries are entered in the journal and then posted to the ledger accounts. We do not have access to the journals
> Bergmann’s Deli had $142,000 of total assets and $87,000 of total stockholders’ equity at December 31, 2018. At December 31, 2019, Bergmann’s Deli had assets totaling $163,000 and stockholders’ equity totaling $92,000. After analyzing the data, answer th
> The following are six transactions for Aaron’s Auto Repair, Inc., during the month of February: Requirement 1. Complete the following table. For each transaction shown above, determine the accounts affected, the type of account, wheth
> Suppose you started your own landscaping business. A customer paid you $120 in advance to mow his lawn while he was on vacation. You also performed landscaping services for a local business, but the business hasn’t paid you the $390 fee yet. In addition,
> In this problem, we continue the accounting for Fitness Equipment Doctor, Inc., from Chapter 3. On June 1, Fitness Equipment Doctor, Inc., expanded its business and began selling and installing gym equipment. The post-closing trial balance for Fitness Eq
> Elm Street Motors maintains a petty cash fund of $200. On December 31, the fund holds $12 cash, and petty cash tickets for office supplies totaling $121 and delivery expense totaling $55. Requirements 1. Make the journal entry to replenish the petty cas
> Lynn’s Music School created a $250 petty cash fund on August 1. During the month, the fund custodian authorized and signed five petty cash tickets: Requirements 1. Record the journal entry to create the petty cash fund. 2. Assuming th
> Janson Corp. maintains a petty cash fund of $225. On July 31, the fund holds $14 cash and petty cash tickets for office supplies, $172; and delivery expense, $32. Requirements 1. Make the journal entry to replenish the petty cash fund. 2. Janson Corp. d
> Lori’s Music School created a $200 petty cash fund on May 1. During the month, the fund custodian authorized and signed five petty cash tickets: Requirements 1. Record the journal entry to create the petty cash fund. 2. Assuming that
> Selected accounts of Andover Consulting, Inc., a financial services business, have the following balances at December 31, 2018, the end of its first year of operations. During the year, Lynne Andover, the only stockholder, bought $15,000 of stock in the
> The following are the balances of the assets, liabilities, and equity of Jerome’s Coffee Shop at March 31, 2018: Requirements 1. What type of business organization is Jerome’s Coffee Shop? 2. Prepare the balance shee
> Trina Lynch opened a medical practice titled Trina Lynch M.D., Inc. During July, the first month of operations, the business experienced the following events: Requirement 1. Analyze the effects of these events on the accounting equation of the medical
> The balance sheet data for Bell Computers, Inc., at August 31, 2018, and September 30, 2018, follow: Requirement 1. The following are three independent assumptions about the business during September. For each assumption, compute the amount of net inco
> Tony’s Advertising started a business in 2018 with total assets of $50,000 and total liabilities of $18,000. At the end of 2018, Tony’s Advertising’s total assets were $39,000 and total liabilities were $10,000. After analyzing the data, answer the follo
> Amicho Deli had $94,000 of total assets and $10,000 of total stockholders’ equity at July 31, 2018. At July 31, 2019, Amicho Deli had assets totaling $151,000 and stockholders’ equity totaling $112,000. After analyzing the data, answer the following ques
> Let’s look at Dick’s Sporting Goods (Dick’s) some more. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s earning net income or loss? What resources did Di
> Presented here is information for Anderson Sign, Inc., for the year ended August 31, 2018. Requirements 1. What is the beginning stockholders’ equity of Anderson Sign, Inc.? 2. What is the ending stockholders’ equity
> Selected accounts of Annis Consulting, Inc., a financial services business, have the following balances at December 31, 2018, the end of its first year of operations. During the year, Laura Annis, the only stockholder, bought $27,000 of stock in the busi
> The following are the balances of the assets, liabilities, and equity of Fitness Fanatics at March 31, 2018: Requirements 1. What type of business organization is Fitness Fanatics? 2. Prepare the balance sheet of the business at March 31, 2018. 3. What
> Shavon Loreal opened a medical practice titled Shavon Loreal M.D., Inc. During August, the first month of operations, the business experienced the following events: Requirement 1. Analyze the effects of these events on the accounting equation of the me
> The balance sheet data for Angel’s Countertops, Inc., at August 31, 2018, and September 30, 2018, follow: Requirement 1. The following are three independent assumptions about the business during September. For each assumption, comput
> Tim’s Tee Shirts started business in 2018 with total assets of $40,000 and total liabilities of $26,000. At the end of 2018, Tim’s Tee Shirts total assets were $53,000 and total liabilities were $16,000. After analyzing the data, answer the following que
> Country Supply had the following balances as of December 31, 2018: Total Current Assets............................................................................................ $ 181,000 Total Long-Term Assets.........................................
> At December 31, 2018, Salish Hardware owes $4,800 on accounts payable, plus salaries payable of $5,300 and income tax payable of $6,100. Salish Hardware also has $320,000 of notes payable that require payment of a $26,000 installment in 2019 and the rema
> Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next three years. Requirement 1. Insert the appropriate
> Let’s consider Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s earning net income or loss? What resources did Dick’
> Lincoln Machine Tool, Inc., issued $540,000 of 20-year, 5 percent bonds payable on January 1. Lincoln Machine Tool, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium using the straight-line method. Lincoln Machine Tool c
> On January 1, Prescott Corp. issues 6 percent, 15-year bonds payable with a maturity value of $120,000. The bonds sell at 94 and pay interest on January 1 and July 1. Prescott Corp. amortizes any bond discount or premium using the straight-line method.
> On March 31, Cunnington Corporation issued 5 percent, 20-year bonds payable with a maturity value of $480,000. The bonds were issued at par and pay interest on March 31 and September 30. Requirements 1. Record the issuance of the bonds on March 31. 2. R
> Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Orbit Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record th
> The accounting records of Prestige Auto Repair showed a balance of $6,700 in Estimated Warranty Payable at December 31, 2017. In the past, Prestige Auto Repair’s warranty expense has been 2 percent of sales. During 2018, Prestige Auto Repair made sales o
> Adirondack Publishing Company completed the following transactions during 2018: Requirements 1. Journalize these transactions. Explanations are not required. 2. What amounts would Adirondack Publishing Company report on the balance sheet at December 31
> Record the following note payable transactions of Cranmore Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar. Explanations are not required.
> Make journal entries to record the following transactions. Explanations are not required. November 30 Recorded cash sales of $62,000 for the month, plus sales tax of 6% collected for the state of Mississippi. Ignore cost of goods sold. December 5 Sent
> Appleway Supply had the following balances as of December 31, 2018: Total Current Assets............................................................................................. $ 122,000 Total Long-Term Assets.......................................
> At December 31, 2018, Christianson Cabinets owes $5,700 on accounts payable, plus salaries payable of $3,200 and income tax payable of $7,000. Christianson Cabinets also has $280,000 of notes payable that require payment of a $20,000 installment in 2019
> Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s earning net income or loss? What resources did Dick’s need to operate
> Seattle Physicians Group borrowed $300,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next three years. Requirement 1. Insert the appropriate am
> Barret, Inc., issued $270,000 of 6-year, 8 percent bonds payable on January 1. Barret, Inc., pays interest each January 1 and July 1, and amortizes any discount or premium using the straight-line method. Barret, Inc., can issue its bonds payable under va
> On January 1, Dogwood Industries issues 9 percent, 10-year bonds payable with a maturity value of $130,000. The bonds sell at 96 and pay interest on January 1 and July 1. Dogwood Industries amortizes any bond discount or premium using the straight-line m
> Hart Corporation issued 4 percent, 20-year bonds payable with a maturity value of $330,000 on January 31. The bonds were issued at par and pay interest on January 31 and July 31. Requirement 1. Record (a) issuance of the bonds on January 31, (b) payment
> Solar Corp. issued a $460,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Solar Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record th
> The accounting records of Miller Upholstery showed a balance of $2,300 in Estimated Warranty Payable at December 31, 2017. In the past, Miller Upholstery’s warranty expense has been 2.5 percent of sales. During 2018, Miller Upholstery made sales of $312,
> Horizon Publishing Company completed the following transactions during 2018: Requirements 1. Journalize these transactions. Explanations are not required. 2. What amounts would Horizon Publishing Company report on the balance sheet at December 31, 2018
> Record the following note payable transactions of Concilio Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar. Explanations are not required.
> Make journal entries to record the following transactions. Explanations are not required.
> The following are selected data for Nelson Equipment, Inc., for the current year: Requirement 1. Calculate the return on assets (ROA) and the fixed asset turnover ratio for Nelson Equipment for the current year. Round your answers to two decimal places
> Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where Dick’s got its money, and what Dick’s has been doing to create value. Is Dick’s earning net income or loss? What resources did Dick’s need to
> At the end of 2018, Zepher Corp. had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600, and accumulated depreciation of $114,800. Also included in the assets wer
> Mesa Transport is a large trucking company. Mesa Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Mesa Transport acquired a Mack truck costing $330,000, with a useful life of 10 years or 900,000 miles. Estimated resi
> Assume that Branson Corporation’s comparative balance sheet reported these amounts: Requirement 1. Assume that on January 1, 2018, Branson sold one-eighth of its plant and equipment for $60,500 cash. Journalize this transaction for Br
> On January 2, 2018, Trendz Lighting purchased showroom fixtures for $20,000 cash, expecting the fixtures to remain in service for four years. Trendz Lighting has depreciated the fixtures on a straight-line basis, with zero residual value. On March 31, 20
> Cool Rays Tanning Salon bought three tanning beds in a $15,000 lump-sum purchase. An independent appraiser valued the tanning beds: Tanning Bed ………………………… Appraised Value 1 …………………………………………………….. $ 3,900 2 ………………………………………………………… 5,400 3 …………………………………………
> Rodriguez Transfer manufactures conveyor belts. Early in the month of July, Rodriguez Transfer constructed its own building at a cost of $980,000 (for materials, labor, and overhead). Rodriguez Transfer paid cash for the construction costs. Rodriguez Tra
> The following are selected data for Simpson Equipment, Inc., for the current year: Sales ............................................................................ $782,000 Net income …..................................................................
> At the end of 2018, Crawford Corp. had total assets of $321,800 and total liabilities of $183,400. Included in the assets were property, plant, and equipment, with a cost of $242,000, and accumulated depreciation of $116,000. Also included in the assets
> Rabito Corp. aggressively acquires other companies. Assume that Rabito Corp. purchased Loring, Inc., for $1,500,000 cash. The market value of Loring’s assets is $2,200,000, and it has liabilities with a market value of $825,000. Requirements 1. Compute
> Part 1. Morris Printing manufactures high-speed printers. Morris Printing recently paid $300,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eigh
> Let’s look at Dick’s Sporting Goods (Dick’s), the largest retailer of sporting goods in the United States. Think about Dick’s, all its stakeholders, what products it sells, and how and where it sells its products. Think about all the employees who work f
> Assume that Hart Corporation’s comparative balance sheet reported these amounts: Requirement 1. Assume that on January 1, 2018, Hart sold one-tenth of its plant and equipment for $56,000 cash. Journalize this transaction for Hart.
> On January 2, 2018, Evergreen Lighting purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for 5 years. Evergreen Lighting has depreciated the fixtures on a straight-line basis, with zero residual value. On August 2,
> Westwood Tanning Salon bought three tanning beds in a $19,000 lump-sum purchase. An independent appraiser valued the tanning beds as follows: Tanning Bed ………………… Appraised Value 1 …………………………………………….… $6,300 2 …..………………………………………….… 5,250 3 …..……………………………
> Whelan Transfer manufactures conveyor belts. Early in August 2018, Whelan Transfer constructed its own building at a cost of $910,000 (for materials, labor, and overhead). Whelan Transfer paid cash for the construction costs. Whelan Transfer also paid $7
> Mackay Industries, Inc., purchased land, paying $80,000 cash as a down payment and signing a $160,000 note payable for the balance. In addition, Mackay Industries, Inc., paid delinquent property tax of $4,300, title insurance costing $3,100, and a $7,800
> Tri-State Equipment reported the following items on July 31, 2018 (last year’s amounts are also given as needed): Requirements 1. Compute Tri-State Equipment’s (a) quick ratio, (b) current ratio, and (c) accounts rec
> Consider the following data: Requirements 1. Calculate the quick assets and the quick ratio for each company. 2. Calculate the current ratio for each company. 3. Which company should be concerned about its liquidity?
> Jitterz Coffee Supply, Inc., sells on account. When a customer account becomes four months old, Jitterz Coffee Supply, Inc., converts the account to a note receivable. During 2018, Jitterz Coffee Supply completed these transactions: Requirement 1. Reco
