[SOLVED] Refer to the financial statements in Problem

> 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. Cashâ¦â¦â¦â¦â¦â

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

> Ray started an accounting service on June 1, 20--, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner’s equity for the month of June.

> Label each of the following accounts as an asset (A), liability (L), ownerâs equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsâincome 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 (1â6) 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 926â927. Additional information: 1. Store equipment was sold in 20-2 for $25,000. Additional infor

> Horn Companyâs condensed income statement for the year ended December 31, 20-2, was as follows: Net sales â¦â¦â¦â¦â¦â¦&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 Alexaâs 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 companyâs 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

> 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

> 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)

> Zowine Companyâs condensed income statement for the year ended December 31, 20-2, was as follows: Net sales â¦â¦â¦â¦â¦â¦&

> Ball Companyâs income statement for 20-2 reported interest expense of $1,540. The comparative balance sheet as of December 31, 20-2 and 20-1, reported the following: Compute the amount of cash paid for interest in 20-2. 20-2 20-1

> Norton’s Sign Shop issued a $10,000, three-year note payable to acquire a new framing machine. Show how this transaction is reported on a statement of cash flows.

> Rogerson Companyâs comparative balance sheet as of December 31, 20-2 and 20-1, showed the following with regard to investing and financing activities: Net income for 20-2 was $90,000, and cash dividends of $30,000 were declared and pa

> The income statement for Hubbardâs Professional Edge Tennis Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $500. There were no other investing or financing activities during the year. The Ca

> After adjusting net income for changes in current assets and current liabilities, Penguin Tuxedo’s cash from operating activities is $45,000. However, Penguin reports $12,500 in depreciation expense for the year. Compute cash from operating activities af

> Brady Company reported net income of $30,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. Compute cash provided by operating activities. 20-2 20-1 Accounts Receivable Merchandise Inventory Accounts

> Olsen Companyâs balance sheets as of December 31, 20-2 and 20-1, showed the following with regard to cash and cash equivalents: Compute the amount of change in cash and cash equivalents and indicate whether it represented an increase or

> Why is it necessary to distinguish between business assets and liabilities and nonbusiness assets and liabilities of a single proprietor?

> Refer to Problem 23-9A. The following additional information was obtained from Zowineâs financial statements and auxiliary records for the year ended December 31, 20-2: Acquired a new warehouseâ¦â¦

> The following activities took place during the current year. Indicate whether each activity is a cash inflow (+) or cash outflow (–), and whether it is an operating activity (O), an investing activity (I), or a financing activity (F). (a) Proceeds from c

> Bunkichi Corporation issued the following bonds at a premium: Date of issue and sale: ………………………………………………………………. March 1, 20-1 Principal amount: ……………………………………………………………………………. $800,000 Sale price of bonds: ………………………………………………………………………………….. 103 Denominati

> Ito Co. issued the following bonds: Date of issue and sale: ……………………………………………………………. April 1, 20-1 Principal amount: ………………………………………………………………………. $300,000 Sale price of bonds: ……………………………………………………………………………. 100 Denomination of bonds: …………………………………………………

> M. J. Adams Corporation pays $40,000 into a bond sinking fund each year for the future redemption of bonds. At the end of the first year, earnings on the sinking fund are $3,200. When the bonds mature, there is a balance in the sinking fund of $301,800,

> Mutschelknaus Manufacturing sold bonds at a discount for $290,000 (discount of $10,000) seven years ago. (a) The corporation redeems $25,000 of this issue at 97. The unamortized discount is $350. (b) The corporation redeems $30,000 of this issue at 99. T

> Brighton Unlimited sold bonds at a premium for $630,000 (premium of $30,000) eight years ago. (a) The corporation redeems $60,000 of this issue at 98. The unamortized premium is $600. (b) The corporation redeems $90,000 of this issue at 102. The unamorti

> Levesque Lumber Co. issued $800,000 in bonds at face value 10 years ago and has paid semiannual interest payments through the years. (a) Assume the bonds are redeemed at face value. (b) Assume that $80,000 of the bonds are redeemed at 104. (c) Assume tha

> Brenner’s Home Club issued the following bonds at a discount: Date of issue and sale: …………………………………………… April 1, 20-1 Principal amount: ……………………………………………………… $500,000 Sale price of bonds: ……………………………………………………………. 98 Denomination of bonds: ……………………………………

> Ramos Travel Co. issued the following bonds at a premium: Date of issue and sale: …………………………………………………. April 1, 20-1 Principal amount: …………………………………………………………….. $600,000 Sale price of bonds: …………………………………………………………………. 104 Denomination of bonds: ……………………

> What are the three basic phases of the accounting process?

> Cline & Co. issued the following bonds at a discount: Date of issue and sale: …………………………………………………... April 1, 20-1 Principal amount: …………………………………………………………... $500,000 Sale price of bonds: …………………………………………………………………... 98 Denomination of bonds: ………………………

> Plantation Company issued the following bonds at a premium: Date of issue and sale: …………………………………………………………………… March 1, 20-1 Principal amount: …………………………………………………………………………………. $700,000 Sale price of bonds: ………………………………………………………………………………………. 103 Denomina

> Emerald, Inc., issued the following bonds at a discount: Date of issue and sale: …………………………………………………… April 1, 20-1 Principal amount: …………………………………………………………… $500,000 Sale price of bonds: …………………………………………………………………… 97 Denomination of bonds: ………………………………

> D&E Stamps issued the following bonds: Date of issue and sale: ……………………………….... April 1, 20-1 Principal amount: ……………………………………….……$400,000 Sale price of bonds: ……………………………………….............. 100 Denomination of bonds: ……………………………………… $1,000 Life of bonds

> During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on Ma

> During the year ended December 31, 20-2, Bebeto Company completed the following selected transactions: Apr. 15 Estimated that its 20-2 income tax will be $30,000. Based on this estimate, it will make four quarterly payments of $7,500 each on April 15, Ju

> McGregor Company had the following balances and results for the current calendar year: Retained earnings, January 1 ……………………………… $60,000 Cash dividends declared …………………………………………. 5,000 Net income for the year …………………………………….…. 20,000 Prepare a statemen

> On October 2, 20-1, the board of directors of Fox worth Company appropriated $80,000 of retained earnings for the purpose of buying a new sailboat (used for entertaining clients). On July 15, 20-2, the sailboat was purchased and the board of directors de

> Goldstein Company has 100,000 shares of $10 par common stock outstanding. On July 1, the board of directors declared a two-for-one stock split. Prepare a memorandum entry in the general journal indicating the new par value and the total number of outstan

> Kaufman Company currently has 200,000 shares of $1 par common stock outstanding. On March 15, a 10% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market value of the common stock was estimated at $5 per shar

> Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or services

> Wang Company currently has 200,000 shares of $1 par common stock outstanding and 3,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend of $0.30 per share on common stock to shareholders of

> Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20--. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000. 1. Prepare the journal entries for Adriana as of Dece

> Track Town Co. had the following transactions involving intangible assets: Jan. 1 Purchased a patent for leather soles for $10,000 and estimated its useful life to be 10 years. Apr. 1 Purchased a copyright for a design for $15,000 with a life left on the

> Mineral Works Co. acquired a salt mine at a cost of $1,700,000. The estimated number of units available for production from the mine is 3,400,000 tons. (a) During the first year, 200,000 tons are mined and sold. (b) During the second year, 600,000 tons a

> On January 1, 20--, Glover Company’s retained earnings accounts had the following balances: Appropriated for land acquisition ………... $ 60,000 Unappropriated retained earnings ………... 900,000

> On January 1, 20--, MacMillan Company’s retained earnings accounts had the following balances: Appropriated for warehouse ………...………... 80,000 Unappropriated retained earnings ………...... 600,000 $680,000 During the year ended December 31, 20--, MacMillan

> Stanton Company estimates that its 20-1 income tax will be $80,000. Based on this estimate, it will make four quarterly payments of $20,000 each on April 15, June 15, September 15, and December 15. 1. Prepare the journal entry for April 15. 2. Assume tha

> Nash & Roth formed a corporation and had the following organization costs and stock transactions during the year: June 30 Incurred the following costs of incorporation: Incorporation fees ………... $ 800 Attorneys’ fees ………... 9,000 Promotion fees ………... 8,

> Juneau & Associates had the following stock transactions during the year: (a) Received subscriptions for 100,000 shares of $1 par common stock for $105,000. (b) Received subscriptions for 5,000 shares of $15 par, 8% preferred stock for $80,000. (c) Recei

> Kris Kraft Stores had the following stock transactions during the year: (a) Issued 8,000 shares of no-par common stock with a stated value of $5 per share for $40,000 cash. (b) Issued 6,000 shares of no-par common stock with a stated value of $5 per shar

Question: Refer to the financial statements in Problem

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