Question: Ray started an accounting service on June

> From the partial work sheet below, prepare a balance sheet. Major Advising Work Sheet (Partlal) For Month Ended January 31, 20 -- IIE MALANIS 1339 00 935 00 3 46 00 800 00 3500 00 1 Can 2 Acounts Recehable 3 Supplies 4 Prepald Insurance 5 omce Equip

> From the partial work sheet below, prepare a statement of owner’s equity, assuming no additional investment was made by the owner.

> Indicate with an “X” whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the work sheet. Income Statement Balance Sheet Debit Cr

> From the adjustments columns in Exercise 5-9A, Exercise 5-9A: A partial work sheet for Jim Jacobs’ Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work

> From the partial work sheet for Major Advising below, prepare an income statement.

> A partial work sheet for Jim Jacobs’ Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adju

> Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and

> Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired is $970. (Balance Sheet) Prepaid Insurance (Income Statement) Insurance Expense TB 1,450 Bal. 2. Amount of unexpired insurance is

> Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Ending inventory of supplies is $260. (Balance Sheet) Supplies (Income Statement) Supplies Expense TB 580 Bal. 2. Amount of supplies used is $230. (Balance She

> Describe the net effect of the four closing entries on the balance of the owner’s capital account. Where else is this same amount calculated?

> A depreciable asset was acquired for $6,840. The asset has an estimated useful life of six years (72 months) and no salvage value. Using the straight-line depreciation method, calculate the book value as of December 31, 20--.

> Delivery equipment was purchased for $7,200. The delivery equipment has an estimated useful life of four years (48 months) and no salvage value. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one mon

> The trial balance shows wages expense of $600. An additional $200 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal.

> A six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.

> The trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then form

> Annette Creighton opened Creighton Consulting. She rented a small office and paid a part-time worker to answer the phone and make deliveries. Her chart of accounts is as follows: Creighton’s transactions for the first month of business

> Joe Adams bought $500 worth of office supplies on account. The following entry was recorded on May 17. Find the error(s) and correct it (them) using the ruling method. On May 25, after the transactions had been posted, Adams discovered that the followin

> From the following trial balance taken after one month of operation, prepare an income statement, a statement of owner’s equity, and a balance sheet. TJ's Paint Service Trial Balance July 31, 20-- ACOUNT ACCDUNT DET BALANE CREDIT BA

> From the information in Exercises 4-4A and 4-5A, Exercises 4-4A and 4-5A: Diane Bernick has opened Bernick’s Consulting. Journalize the following transactions that occurred during January of the current year. Use the following journa

> Set up general ledger accounts using the chart of accounts provided in Exercise 4-4A. Exercise 4-4A: Diane Bernick has opened Bernick’s Consulting. Journalize the following transactions that occurred during January of the current year

> List the four steps for closing the temporary accounts.

> Diane Bernick has opened Bernick’s Consulting. Journalize the following transactions that occurred during January of the current year. Use the following journal pages: January 1–10, page 1, and January 11â€&

> Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Exercise 4-2A: For each of the following transactions, list the account to be debited and the account to be credited in the

> For each of the following transactions, list the account to be debited and the account to be credited in the general journal. 1. Invested cash in the business, $5,000. 2. Paid office rent, $500. 3. Purchased office supplies on account, $300. 4. Received

> Prepare an income statement for Jay Pembroke for the month of April 20--.

> Label each of the following accounts as an asset (A), a liability (L), or owner’s equity (OE), using the following format: Item Account Classification Money in bank Office supplies Money owed Office chairs Net worth of owner Cash Su

> Refer to the trial balance in Problem 3-13A and to the analysis of the change in owner’s equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohl’s Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owner’s equity f

> To determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for the month c. Net income for the month 2. a. Wilhclm Kohl's original investment in the business + Net income for the month

> Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions: The following transactions occurre

> From the information in the trial balance presented for Juanita’s Delivery Service on page 76, prepare a balance sheet for Juanita’s Delivery Service as of September 30, 20--.

> Assuming that all entries have been posted, prepare correcting entries for each of the following errors. 1. The following entry was made to record the purchase of $700 in supplies on account: Supplies 142 700 Cash 101 700 2. The following entry was m

> Why is it important to total and verify the totals of the payroll register after the data for each employee have been entered?

> Jim Andrews opened a delivery business in March. He rented a small office and has a part-time assistant. His trial balance shows accounts for the first three months of business. Andrews’ transactions for the month of June are as follow

> Source documents trigger the analysis of events requiring an accounting entry. Match the following source documents with the type of information they provide. 1. Check stubs or check register 2. Purchase invoice from suppliers (vendors) a. A good or

> The following accounts have normal balances. Prepare a trial balance for Kenny’s Lawn Service as of September 30, 20--. Cash …………………………………………………………... $10,000 Accounts Receivable ……………………………………… 6,000 Supplies ………………………………………………………... 1,600 Prepaid Insu

> Prepare a trial balance for Charlie’s Detective Service as of January 31, 20--.

> Charles Chadwick opened a business called Charlie’s Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Cap

> Foot and balance the T accounts prepared in Exercise 3-5A if necessary. Exercise 3-5A: Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the t

> Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in

> Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Wages Expense 3. Accounts Payable 4. Owner's Drawing 5. Supplies 6. Owner's Capital 7. Equipment

> Richard Gibbs began a business called Richard’s Shoe Repair. 1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts: (a) In

> Complete the following statements using either “debit” or “credit”: (a) The cash account is increased with a _________. (b) The owner’s capital account is increased with a _________. (c) The delivery equipment account is increased with a _________. (d) T

> Identify all items that are debited or credited to Social Security Tax Payable and to Medicare Tax Payable.

> From the information in the trial balance presented above, prepare a statement of owner’s equity for Juanita’s Delivery Service for the month ended September 30, 20--.

> From the information in the trial balance presented above, prepare an income statement for Juanita’s Delivery Service for the month ended September 30, 20--.

> Foot and balance the cash T account shown below. Cash 500 100 400 200 600

> Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. (a) Invested cash in business, $18,000. (b) Bought office supplies for $4,600: $2,000 in cash and $2,600 on account. (c) Paid one-year insurance pr

> Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice. Cash……………â€

> Prepare a statement of owner’s equity assuming Ray had a net loss of $3,000.

> Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs—income statement (IS), statement of o

> Assume John Sullivan completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Exp

> John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner’s Equity. After each transaction, show the new tot

> Identify the sources of the information needed to prepare the balance sheet.

> Using the accounting equation, compute the missing elements. Owner's Equity $17,000 Assets Liabilities + $27,000 $18,000 $32,000 $27,000 $20,000 IL || || |

> List the six major steps of the accounting process in order (1–6) and define each. Recording Summarizing Reporting Analyzing Interpreting Classifying

> Match the following users with the information needed. 1. Owners 2. Managers 3. Creditors 4. Government agencies a. Whether the firm can pay its bills on time b. Detailed, up-to-date information to measure business performance (and plan for future op

> Prepare a balance sheet for Jay Pembroke as of April 30, 20--.

> Prepare a statement of owner’s equity for Jay Pembroke for the month of April 20--.

> A beginning accounting student tried to complete a work sheet for Joyce Lee’s Tax Service. The following adjusting entries were to have been analyzed and entered onto the work sheet. The work sheet is shown on page 167. (a) Ending inventory of supplies a

> Refer to Problem 5-15A and the following additional information: REQUIRED 1. Journalize the adjusting entries on page 5 of the general journal. 2. Post the adjusting entries to the general ledger. (If you are not using the working papers that accompany t

> Jason Armstrong started a business called Campus Delivery Service. After the first month of operations, the trial balance as of November 30, 20--, is as shown on the next page. REQUIRED 1. Analyze the following adjustments and enter them on the work she

> The following is a list of outstanding notes payable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal. Maker Date of Note No. of Days Principal $1,000 Inte

> Martin Manufacturing issued the following bonds: Date of issue and sale: …………………………………………………………………… April 1, 20-1 Principal amount: ………………………………………………………………………………. $500,000 Sale price of bonds: ……………………………………………………………………………………. 100 Denomination of bonds

> What is the relationship between the revenue and expense accounts and the owner’s equity account?

> In what two ways can the information necessary to compute departmental gross profit be accumulated?

> Financial statements for McDowell Company as well as additional information relevant to cash flows during the period are given on pages 926–927. Additional information: 1. Store equipment was sold in 20-2 for $25,000. Additional infor

> Horn Company’s condensed income statement for the year ended December 31, 20-2, was as follows: Net sales ………………&ac

> M. Evans & Sons manufactures parts for radios. For each job order, it maintains ledger sheets on which it records direct labor, direct materials, and factory overhead applied. The factory overhead control account contains postings of actual overhead cost

> Stone street Enterprises makes garage doors. During the month of February, the company had four job orders: 205, 206, 207, and 208. Overhead was applied at predetermined rates, while actual factory overhead was recorded as incurred. All four jobs were co

> Eto Manufacturing had the following transactions during the month: (a) purchased raw materials on account, $70,000. (b) Issued direct materials to Job No. 300, $25,000. (c) Issued indirect materials to production, $10,000. (d) Paid biweekly payroll and c

> The following information is provided for J. Klein Manufacturing Company. Prepare (1) a schedule of cost of goods manufactured, and (2) the related cost of goods sold section of the income statement for the company for the year ended December 31, 20--.

> Overhead applied; completed jobs sent to finished goods inventory; closing of the under- or overapplied factory overhead to the cost of goods sold account; and sale of finished goods. Apr. 1 purchased materials on account, $35,000. 10 Issued direct mater

> Millerlile Enterprises calculates a predetermined factory overhead rate so that factory overhead may be applied to production during the month. It calculates the overhead using three different methods and then decides which one to use. Total estimated fa

> Huang Company manufactures toys. It keeps a factory overhead account where actual factory overhead costs are recorded as a debit, and factory overhead applied is recorded as a credit. At the end of the month, under- or overapplied factory overhead is cal

> Hilburn Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan. 1 Purchased materials on account, $17,000. 15 Issued direct materials to Job No. 104,

> Identify the sources of the information needed to prepare the statement of owner’s equity.

> The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 ………

> The following information is supplied for R&D Manufacturing Co. and WP West Co. (a merchandising company). Prepare the cost of goods sold sections for the income statements of both companies for the year ended 20--. R&D Manufacturing WP West Me

> Durwood Thomas operates the business Thomas Security that sells security equipment for commercial property and residential homes. The following information is provided for the year ended December 31, 20--: REQUIRED 1. Prepare an income statement showing

> Alexa Cole owns a business called Alexa’s Bakery. She has divided her business into two departments: breads and pastries. The following information is provided for the fiscal year ended June 30, 20--: REQUIRED 1. Prepare an income state

> Thomas and Hill Distributors has divided its business into two departments: commercial sales and industrial sales. The following information is provided for the year ended December 31, 20- : Net sales, commercial sales department ……………………………………………………………

> The sales, gross profit, and condensed direct and indirect operating expenses of departments A and B of Wei Zhao International are as follows: Compute the departmental direct operating margin and direct operating margin percentage for each department.

> The sales, cost of goods sold, and total operating expenses of departments A and B of Ash Company are as follows: Compute the departmental operating income for each department. Dept. B Dept. A $200,000 146,000 31,000 Sales Cost of goods sold Total op

> Mercado Lopez owns a furniture store that offers free delivery of merchandise delivered within the local area. Mileage records for the three sales departments are as follows: Department 1: …………………………………………….. 36,000 miles Department 2: ……………………………………………

> Hayley Doll owns a car stereo store. She has divided her store into three departments. Net sales for the month of July are as follows: Deluxe: ……………………………………………………… $33,600 Standard: ……………………………………………………… 38,400 Economy: ……………………………………………………… 48,000 Ad

> Weaverling Company rents 10,000 square feet of store space for $36,000 per year. The amount of square footage by department is as follows: Department A: ………...…………………………………………… 2,600 sq. ft. Department B: ………...…………………………………………… 2,400 sq. ft. Department

> Explain the difference between a blank endorsement and a restrictive endorsement.

> Williams and Lloyd Company is trying to decide whether to discontinue department B. Operating results for the year just ended for each of the company’s three departments and for the entire operation are as follows: REQUIRED 1. Prepare a

> Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear that sells athletic footwear. They have organized the business on a departmental basis as follows: running shoes, walking shoes, and specialty shoes. At the

> Refer to the financial statements in Problem 24-8A. Problem 24-8A: Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: REQUIRED Prepare a vertical analysis of the inc

> Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: REQUIRED Prepare a horizontal analysis. Add columns to show the amount of increase (decrease) and the percentage cha

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Based on the financial statement data in Exercise 24-1A, Exercise 24-1A: Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculation

> Why must a signature card be filled out and signed to open a checking account?

> Refer to the financial statements in Problem 24-8A. Problem 24-8A: Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: REQUIRED Calculate the following ratios and amo

> Based on the comparative income statement and balance sheet of Cowan Kitchen Counters, Inc., that follow, compute the following liquidity measures for 20-2 (round all calculations to two decimal places): (a) Quick or acid-test ratio (b) Current ratio (c)