College Accounting: A Practical Approach 13th Edition

ISBN 13
978-0133791006
ISBN 10
0133791009
Authors
Jeffrey Slater
has exam prep Exam Prep  has homework help Homework Help
156 documents found.
542386
Exam Prep
978-0133791006 Chapter 1 Part 1
Copyright 2016 Pearson Education, Inc. 1-1 Copyright 2016 Pearson Education, Inc. 1-1 Copyright 2016 Pearson Education, Inc. 1-1 1 Accounting Concepts and Procedures ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. The functions of accounting are to analyze, record, classify, summarize, report, and interpret financial information. 1. The functions
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 1 Part 2
Copyright 2016 Pearson Education, Inc. 1-11 Copyright 2016 Pearson Education, Inc. 1-11 Copyright 2016 Pearson Education, Inc. 1-11 PROBLEM 1A-4 (a) WILLIAMS HOME DECORATING SERVICE INCOME STATEMENT MONTH ENDED SEPTEMBER 30, 201X Revenue: Home Decorating Fees
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978-0133791006 Chapter 1 Part 3
Copyright 2016 Pearson Education, Inc. 1-18 0 - 0+ 0 - 25,000 + 0 = 1,200 + 0+ 23,800 BALANCE Copyright 2016 Pearson Education, Inc. 1-18 0 - 0+ 0 - 25,000 + 0 = 1,200 + 0+ 23,800 BALANCE Copyright 2016 Pearson Education, Inc. 1-18 0 - 0 + 0
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978-0133791006 Chapter 10 Part 1
Copyright 2016 Pearson Education, Inc. 10-1 Copyright 2016 Pearson Education, Inc. 10-1 Copyright 2016 Pearson Education, Inc. 10-1 10 Purchases and Cash Payments ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Cash Payments ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Cash Payments ANSWERS TO DISCUSSION QUESTIONS
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 10 Part 2
Copyright 2016 Pearson Education, Inc. 10-11 Copyright 2016 Pearson Education, Inc. 10-11 Copyright 2016 Pearson Education, Inc. 10-11 EXERCISES (CONTINUED) 10B-4. CODY'S CLOTHING SCHEDULE OF ACCOUNTS PAYABLE APRIL 30, 201X Hall $ 1,100 Parker 250 Total Accounts Payable $ 1,350 The schedule of accounts
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978-0133791006 Chapter 10 Part 3
Copyright 2016 Pearson Education, Inc. 10-21 Copyright 2016 Pearson Education, Inc. 10-21 Copyright 2016 Pearson Education, Inc. 10-21 PROBLEM 10A-3 PROBLEM 10A-3 PROBLEM 10A-3 (1) Page 5 Date 201X Account Titles and Description PR Dr. Cr. Mar. 1 Accounts Payable, Henderson Co. 210/ 2 0
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978-0133791006 Chapter 10 Part 4
Copyright 2016 Pearson Education, Inc. 10-31 Copyright 2016 Pearson Education, Inc. 10-31 Copyright 2016 Pearson Education, Inc. 10-31 PROBLEM 10A-4 (CONTINUED ACCOUNTS PAYABLE ACCOUNT NO. 210 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Dec. 1 GJ1
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 10 Part 5
Copyright 2016 Pearson Education, Inc. 10-41 Copyright 2016 Pearson Education, Inc. 10-41 Copyright 2016 Pearson Education, Inc. 10-41 PROBLEM 10B-1 (CONCLUDED) STORE EQUIPMENT ACCOUNT NO. 121 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Mar. 5 GJ2 5 4 0 0 00
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978-0133791006 Chapter 10 Part 6
Copyright 2016 Pearson Education, Inc. 10-51 Copyright 2016 Pearson Education, Inc. 10-51 Copyright 2016 Pearson Education, Inc. 10-51 PROBLEM 10B-4 (CONTINUED) ABBY'S TOY HOUSE GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Mar. 10 Sales Returns and Allowances 412
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 10 Part 7
Copyright 2016 Pearson Education, Inc. 10-60 Copyright 2016 Pearson Education, Inc. 10-60 Copyright 2016 Pearson Education, Inc. 10-60 PROBLEM 10B-4 (CONTINUED) NAME AIMEE RAYPOLE ADDRESS 18 VEEK RD., CHESTER, CT 80111 Date 201X Explanation Post Ref. Debit Credit Dr. Balance Mar. 16 GJ3
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 10A Part 1
Copyright 2016 Pearson Education, Inc. 10A-1 Copyright 2016 Pearson Education, Inc. 10A-1 Copyright 2016 Pearson Education, Inc. 10A-1 10A Appendix A Special Journals with Problem Material SOLUTIONS TO CHAPTER 10 APPENDIX PROBLEMS Special Journals with Problem Material SOLUTIONS TO CHAPTER 10 APPENDIX PROBLEMS Special Journals with
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978-0133791006 Chapter 10A Part 2
Copyright 2016 Pearson Education, Inc. 10A-11 Copyright 2016 Pearson Education, Inc. 10A-11 Copyright 2016 Pearson Education, Inc. 10A-11 APPENDIX A PROBLEM A-3(CONTINUED) ACCOUNTS PAYABLE SUBSIDIARY LEDGER NAME MILLER.COM ADDRESS 12 SMITH ST., DEARBORN, Ml 09113 Date 201X Explanation Post Ref. Debit Credit Cr. Balance
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978-0133791006 Chapter 10A Part 3
Copyright 2016 Pearson Education, Inc. 10A-19 Copyright 2016 Pearson Education, Inc. 10A-19 Copyright 2016 Pearson Education, Inc. 10A-19 APPENDIX A PROBLEM A-5 (CONTINUED) ANDREA'S TOY HOUSE SALES JOURNAL Page 1 Date 201X Invoice No. Terms Account Debited PR Accounts Rec.-Dr. Toy Sales
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978-0133791006 Chapter 11 Part 1
Copyright 2016 Pearson Education, Inc. 11-1 Copyright 2016 Pearson Education, Inc. 11-1 Copyright 2016 Pearson Education, Inc. 11-1 11 Preparing a Worksheet for a Merchandise Company ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. The purchases account records merchandise purchased for resale. for a Merchandise Company ANSWERS TO DISCUSSION
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978-0133791006 Chapter 11 Part 2
Copyright 2016 Pearson Education, Inc. 11-10 1,650 11,205 1,000 454 112 190 102 30 105 14,500 29,348 29,348 3,900 23,850 5,498 29,348 5,100 40,152 550 500 145 46,447 5,498 51,945 9,3001,4501,35525,00017511,50039092565055065051,94551,9451,650 11,205 1,000 454 112 190 102 30 105 14,500 5,100 40,152 550 500 145 75,795 3,900 9,300 1,450 1,355
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978-0133791006 Chapter 12 Part 1
Copyright 2016 Pearson Education, Inc. 12-1 Copyright 2016 Pearson Education, Inc. 12-1 Copyright 2016 Pearson Education, Inc. 12-1 12 Completion of the Accounting Cycle For a Merchandise Company ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Accounting Cycle For a Merchandise Company ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 12 Part 2
Copyright 2016 Pearson Education, Inc. 12-11 Copyright 2016 Pearson Education, Inc. 12-11 Copyright 2016 Pearson Education, Inc. 12-11 PROBLEM 12A-2 (CONCLUDED) JAMES CO. BALANCE SHEET DECEMBER 31, 201X Assets Current Assets:
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978-0133791006 Chapter 12 Part 3
Copyright 2016 Pearson Education, Inc. 12-21 PROBLEM 12A-4 (CONTINUED) (3) GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Adjusting Entries Dec. 31 Income Summary 332 4 4 5 0
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978-0133791006 Chapter 12 Part 4
Copyright 2016 Pearson Education, Inc. 10,200 10,200 (A) 10,900 (B) 10,200 10,900 Merch. Inv. 1/1/1X Copyright 2016 Pearson Education, Inc. 10,200 10,200 (A) 10,900 (B) 10,200 10,900 Merch. Inv. 1/1/1X Copyright 2016 Pearson Education, Inc. 10,200 10,200 (A) 10,900 (B) 10,200 10,900 Merch. Inv. 1/1/1X
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978-0133791006 Chapter 12 Part 5
Copyright 2016 Pearson Education, Inc. 12-41 Copyright 2016 Pearson Education, Inc. 12-41 Copyright 2016 Pearson Education, Inc. 12-41 PROBLEM 12B-4 (CONTINUED) CULLEN LUMBER GENERAL LEDGER CASH ACCOUNT NO. 110 Date 201X Explanation Post Ref. Debit Credit Balance Debit
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978-0133791006 Chapter 12 Part 6
Copyright 2016 Pearson Education, Inc. 12-51 Copyright 2016 Pearson Education, Inc. 12-51 Copyright 2016 Pearson Education, Inc. 12-51 CONTINUING PROBLEM(CONTINUING) FIT PAYABLE ACCOUNT NO. 2040 Date Explanation Post Ref. Debit Credit Balance Debit Credit
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978-0133791006 Chapter 12 Part 7
Copyright 2016 Pearson Education, Inc. 12-61 Copyright 2016 Pearson Education, Inc. 12-61 Copyright 2016 Pearson Education, Inc. 12-61 MINI PRACTICE SET (CONTINUED) THE ELEGANT DRESS SHOP GENERAL JOURNAL PAGE 6 Date 201X Account Titles and Description PR Dr. Cr. Mar. 16 Cash 110 4 6 5 6 00
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978-0133791006 Chapter 12 Part 8
Copyright 2016 Pearson Education, Inc. 12-71 Copyright 2016 Pearson Education, Inc. 12-71 Copyright 2016 Pearson Education, Inc. 12-71 MINI PRACTICE SET (CONTINUED) ACCOUNTS RECEIVABLE ACCOUNT NO. 112 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Mar. 1 Balance
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978-0133791006 Chapter 12 Part 9
Copyright 2016 Pearson Education, Inc. 12-80 Copyright 2016 Pearson Education, Inc. 12-80 Copyright 2016 Pearson Education, Inc. 12-80 MINI PRACTICE SET (CONTINUED) MISCELLANEOUS EXPENSE ACCOUNT NO. 624 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Mar.
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978-0133791006 Chapter 13 Part 1
Copyright 2016 Pearson Education, Inc. 13-1 Copyright 2016 Pearson Education, Inc. 13-1 Copyright 2016 Pearson Education, Inc. 13-1 13 Accounting for Bad Debts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Bad Debts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Bad Debts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL
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978-0133791006 Chapter 13 Part 2
Copyright 2016 Pearson Education, Inc. 13-11 Copyright 2016 Pearson Education, Inc. 13-11 Copyright 2016 Pearson Education, Inc. 13-11 PROBLEM 13A-3 T.J. RADCLIFF GENERAL JOURNAL PAGE 4 Date Account Titles and Description PR Dr. Cr. 2015 Mar. 13 Bad Debts Expense 1 9 0 0 00
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978-0133791006 Chapter 14 Part 1
Copyright 2016 Pearson Education, Inc. 14-1 Copyright 2016 Pearson Education, Inc. 14-1 Copyright 2016 Pearson Education, Inc. 14-1 14 Notes Receivable and Notes Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Notes Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Notes Payable ANSWERS TO DISCUSSION QUESTIONS AND
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978-0133791006 Chapter 14 Part 2
Copyright 2016 Pearson Education, Inc. 14-11 Copyright 2016 Pearson Education, Inc. 14-11 Copyright 2016 Pearson Education, Inc. 14-11 PROBLEM 14A-3 JOYE CO. GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Jun. 18 Cash 53 7 1 6 67
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978-0133791006 Chapter 15 Part 1
Copyright 2016 Pearson Education, Inc. 15-1 Copyright 2016 Pearson Education, Inc. 15-1 Copyright 2016 Pearson Education, Inc. 15-1 15 Accounting for Merchandise Inventory ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Merchandise Inventory ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Merchandise Inventory ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL
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978-0133791006 Chapter 15 Part 2
Copyright 2016 Pearson Education, Inc. 15-11 Copyright 2016 Pearson Education, Inc. 15-11 Copyright 2016 Pearson Education, Inc. 15-11 EXERCISES (CONTINUED) 15B-6. The cost of inventory for Sue Company is $27,395. 15B-7. Retail Method Goods Available for Sale Cost Retail Beginning Inventory $ 58,900.00
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978-0133791006 Chapter 15 Part 3
Copyright 2016 Pearson Education, Inc. 15-21 Copyright 2016 Pearson Education, Inc. 15-21 Copyright 2016 Pearson Education, Inc. 15-21 PROBLEM 15B-2 SHARON ELETRONICS GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Apr. 10 Merchandise Inventory 114/ 7 2 4 30
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978-0133791006 Chapter 16 Part 1
Copyright 2016 Pearson Education, Inc. 16-1 Copyright 2016 Pearson Education, Inc. 16-1 Copyright 2016 Pearson Education, Inc. 16-1 16 Accounting for Property, Plant, Equipment, and Intangible Assets ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Plant, Equipment, and Intangible Assets ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Plant, Equipment,
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978-0133791006 Chapter 16 Part 2
Copyright 2016 Pearson Education, Inc. 16-11 Copyright 2016 Pearson Education, Inc. 16-11 Copyright 2016 Pearson Education, Inc. 16-11 PROBLEM 16A-2 (a) END OF YEAR COST OF EQUIPMENT YEARLY DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION END OF YEAR BOOK VALUE END OF YEAR 2014 $52,000 $7,000 $7,000 $45,000 2015 52,000 7,000
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978-0133791006 Chapter 16 Part 3
Copyright 2016 Pearson Education, Inc. 16-17 Copyright 2016 Pearson Education, Inc. 16-17 Copyright 2016 Pearson Education, Inc. 16-17 PROBLEM 16B-2 (a) END OF YEAR COST OF EQUIPMENT YEARLY DEP. EXPENSE ACC. DEP. END OF YEAR BOOK VALUE END OF YEAR 2014 $58,000 $10,500 $10,500 $47,500 2015 $58,000
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978-0133791006 Chapter 17 Part 1
Copyright 2016 Pearson Education, Inc. 17-1 Copyright 2016 Pearson Education, Inc. 17-1 Copyright 2016 Pearson Education, Inc. 17-1 17 Partnerships ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Partnerships ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Partnerships ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. There
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978-0133791006 Chapter 17 Part 2
Copyright 2016 Pearson Education, Inc. 17-10 Copyright 2016 Pearson Education, Inc. 17-10 Copyright 2016 Pearson Education, Inc. 17-10 PROBLEM 17A-3 GENERAL JOURNAL Date Account Titles and Description PR Dr. Cr. Sit. 1 Villone, Capital 5 0 0 0 00 Johnson, Capital
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978-0133791006 Chapter 18 Part 1
Copyright 2016 Pearson Education, Inc. 18-1 Copyright 2016 Pearson Education, Inc. 18-1 Copyright 2016 Pearson Education, Inc. 18-1 18 Corporations: Organizations and Capital Stock ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Organizations and Capital Stock ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Organizations and Capital Stock ANSWERS
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978-0133791006 Chapter 18 Part 2
Copyright 2016 Pearson Education, Inc. 18-11 Copyright 2016 Pearson Education, Inc. 18-11 Copyright 2016 Pearson Education, Inc. 18-11 PROBLEM 18A-1 (CONCLUDED) (2) Paid-in Capital: Preferred Stock, $96 par, authorized 23,000 shares, 14,200 shares issued and outstanding $1,363 2
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978-0133791006 Chapter 18 Part 3
Copyright 2016 Pearson Education, Inc. 18-17 Copyright 2016 Pearson Education, Inc. 18-17 Copyright 2016 Pearson Education, Inc. 18-17 PROBLEM 18B-1 (CONTINUED) PREFERRED STOCK ACCOUNT NO. 310 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Jun. 1 Balance
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978-0133791006 Chapter 19 Part 1
Copyright 2016 Pearson Education, Inc. 19-1 Copyright 2016 Pearson Education, Inc. 19-1 Copyright 2016 Pearson Education, Inc. 19-1 19 Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Stock Values, Dividends, Treasury Stocks, and Retained Earnings ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL
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978-0133791006 Chapter 19 Part 2
Copyright 2016 Pearson Education, Inc. 19-11 Copyright 2016 Pearson Education, Inc. 19-11 Copyright 2016 Pearson Education, Inc. 19-11 PROBLEM 19A-3 (CONTINUED) (2) LONG VIEW CORPORATION STOCKHOLDERS' EQUITY Paid-in Capital: Common Stock, $26 par value,
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978-0133791006 Chapter 19 Part 3
Copyright 2016 Pearson Education, Inc. 19-17 PROBLEM 19B-3 (1) PLAIN VIEW CORPORATION GENERAL JOURNAL PAGE 3 Date 201X Account Titles and Description PR Dr. Cr. June 7 Treasury Stock 29 7 0 0 00 Cash
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978-0133791006 Chapter 2 Part 1
Copyright 2016 Pearson Education, Inc. 2-1 Copyright 2016 Pearson Education, Inc. 2-1 Copyright 2016 Pearson Education, Inc. 2-1 2 Debits and Credits: Analyzing and Recording Business Transactions ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. A ledger is a group of accounts that records in monetary value
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 2 Part 2
Copyright 2016 Pearson Education, Inc. 2-11 Copyright 2016 Pearson Education, Inc. 2-11 Copyright 2016 Pearson Education, Inc. 2-11 PROBLEM 2A-2 Cash 111 (A) 20,000 90(D) (C) 2,900 550(E) 1,000(G) Office Equipment 121 (B) 8,000 Accounts Payable 211 (G) 1,000 8,000 (B)
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978-0133791006 Chapter 2 Part 3
Copyright 2016 Pearson Education, Inc. 2-21 Copyright 2016 Pearson Education, Inc. 2-21 Copyright 2016 Pearson Education, Inc. 2-21 PROBLEM 2B-4 (a) GRETCHEN LYMAN, ATTORNEY AT LAW INCOME STATEMENT FOR MONTH ENDED JANUARY 31, 201X Revenue: Revenue
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978-0133791006 Chapter 20 Part 1
Copyright 2016 Pearson Education, Inc. 20-1 Copyright 2016 Pearson Education, Inc. 20-1 Copyright 2016 Pearson Education, Inc. 20-1 20 Corporations and Bonds Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Bonds Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Bonds Payable ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL
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978-0133791006 Chapter 20 Part 2
Copyright 2016 Pearson Education, Inc. 20-10 SOLUTIONS TO SET A PROBLEMS PROBLEM 20A-1 LONNY CORPORATION AMORTIZATION SCHEDULE LONNY CORPORATION AMORTIZATION SCHEDULE LONNY CORPORATION AMORTIZATION SCHEDULE (1) Period Carrying Value, Beginning of Period Total Interest Expense Interest Paid to Bondholders (Semiannual Rate x Face Value) Amortized Discount Transferred to
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978-0133791006 Chapter 21 Part 1
Copyright 2016 Pearson Education, Inc. 21-1 Copyright 2016 Pearson Education, Inc. 21-1 Copyright 2016 Pearson Education, Inc. 21-1 21 Statement of Cash Flows ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Cash Flows ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Cash Flows ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL
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978-0133791006 Chapter 21 Part 2
Copyright 2016 Pearson Education, Inc. 21-7 Copyright 2016 Pearson Education, Inc. 21-7 Copyright 2016 Pearson Education, Inc. 21-7 SOLUTIONS TO SET B EXERCISES 21B-1. Increase in Inventory Subtract from Cash Flow from Operations Decrease in Accounts Payable Subtract from Cash Flow from Operations 21B-2. Cash Flows
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978-0133791006 Chapter 22 Part 1
Copyright 2016 Pearson Education, Inc. 22-1 Copyright 2016 Pearson Education, Inc. 22-1 Copyright 2016 Pearson Education, Inc. 22-1 22 Analyzing Financial Statements ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Statements ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Statements ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE
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978-0133791006 Chapter 22 Part 2
Copyright 2016 Pearson Education, Inc. 22-11 Copyright 2016 Pearson Education, Inc. 22-11 Copyright 2016 Pearson Education, Inc. 22-11 PROBLEM 22A-2 (CONCLUDED) (c) WOOD COMPANY COMMON-SIZE COMPARATIVE INCOME STATEMENT FOR YEARS ENDED DECEMBER 31, 2016 AND 2015 2016 2015 Net Sales 1 0 0
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978-0133791006 Chapter 22 Part 3
Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. 22-17 PROBLEM 22B-2 CARNEY COMPANY COMPARATIVE INCOME STATEMENT FOR YEARS ENDED DECEMBER 31, 2016 AND 2015 PERCENT OF INCREASE
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978-0133791006 Chapter 23 Part 1
Copyright 2016 Pearson Education, Inc. 23-1 Copyright 2016 Pearson Education, Inc. 23-1 Copyright 2016 Pearson Education, Inc. 23-1 23 The Voucher System ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE The Voucher System ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE The Voucher System ANSWERS TO DISCUSSION QUESTIONS
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978-0133791006 Chapter 23 Part 2
Copyright 2016 Pearson Education, Inc. 23-11 00 00 0 0 0 0 1 4 2 3 Rent Expense Office Equip. 00 00 0 0 0 0 8 4 1 6 00 00 00 00 0 0 0 0 0 0 0 0 8 4 1 4 1 6 2
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978-0133791006 Chapter 23 Part 3
Copyright 2016 Pearson Education, Inc. 23-18 00 00 0 0 0 0 4 2 2 3 Rent Expense Office Equip. 00 00 0 0 0 0 6 8 1 6 00 00 00 00 0 0 0 0 0 0 0 0 6 8 4 2 1 6 2
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978-0133791006 Chapter 24 Part 1
Copyright 2016 Pearson Education, Inc. 24-1 Copyright 2016 Pearson Education, Inc. 24-1 Copyright 2016 Pearson Education, Inc. 24-1 24 Departmental Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1.
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978-0133791006 Chapter 24 Part 2
Copyright 2016 Pearson Education, Inc. 24-10 Copyright 2016 Pearson Education, Inc. 24-10 Copyright 2016 Pearson Education, Inc. 24-10 PROBLEM 24A-2 PHILLIPS COMPANY DEPARTMENTAL EXPENSES CLOTHING HARDWARE TOTAL OPERATING EXPENSE DIRECT INDIRECT DIRECT INDIRECT DIRECT INDIRECT 1. Rent Expense $4,737 $7,263 $12,000 2. Insurance Expense $1,500 3,000 $2,300 4,600 $3,800
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978-0133791006 Chapter 25 Part 1
Copyright 2016 Pearson Education, Inc. 25-1 Copyright 2016 Pearson Education, Inc. 25-1 Copyright 2016 Pearson Education, Inc. 25-1 25 Manufacturing Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Accounting ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1.
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978-0133791006 Chapter 25 Part 2
Copyright 2016 Pearson Education, Inc. 25-11 SOLUTIONS TO SET A PROBLEMS PROBLEM 25A-1 BILLINGS MANUFACTURING STATEMENT OF COST OF GOODS MANUFACTURED FOR THE MONTH ENDED OCTOBER 31, 201X Direct Materials: Raw Material
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978-0133791006 Chapter 3 Part 1
Copyright 2016 Pearson Education, Inc. 3-1 Copyright 2016 Pearson Education, Inc. 3-1 Copyright 2016 Pearson Education, Inc. 3-1 3 Beginning the Accounting Cycle ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Disagree; the accounting cycle represents a certain period of time a business has to perform the normal accounting
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978-0133791006 Chapter 3 Part 2
Copyright 2016 Pearson Education, Inc. 3-11 Copyright 2016 Pearson Education, Inc. 3-11 Copyright 2016 Pearson Education, Inc. 3-11 SOLUTIONS TO SET B EXERCISES 3B-1. Date Account Titles and Description PR Dr. Cr. 201X Apr. 1 Cash 100 0 0 0 00
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978-0133791006 Chapter 3 Part 3
Copyright 2016 Pearson Education, Inc. 3-21 Copyright 2016 Pearson Education, Inc. 3-21 Copyright 2016 Pearson Education, Inc. 3-21 PROBLEM 3A-2 (CONTINUED) Date Accounts and Explanation Debit Credit June 29 Telephone Expense 531 2 2 0 00 Cash 111
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978-0133791006 Chapter 3 Part 4
Copyright 2016 Pearson Education, Inc. 3-31 Copyright 2016 Pearson Education, Inc. 3-31 Copyright 2016 Pearson Education, Inc. 3-31 PROBLEM 3B-2 (CONTINUED) GENERAL LEDGER OF BETH'S ART STUDIO CASH ACCOUNT NO. 111 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Apr. 1 GJ1 15
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978-0133791006 Chapter 3 Part 5
Copyright 2016 Pearson Education, Inc. 3-40 Copyright 2016 Pearson Education, Inc. 3-40 Copyright 2016 Pearson Education, Inc. 3-40 CASH ACCOUNT NO. 1000 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit 8/31 balance forward 3 0
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978-0133791006 Chapter 4 Part 1
Copyright 2016 Pearson Education, Inc. 4-1 Copyright 2016 Pearson Education, Inc. 4-1 Copyright 2016 Pearson Education, Inc. 4-1 4 The Accounting Cycle Continued ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Disagree; worksheets are optional (and often used), but are not required. The Accounting Cycle Continued ANSWERS TO DISCUSSION
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978-0133791006 Chapter 4 Part 2
Copyright 2016 Pearson Education, Inc. Liabilities 00 2 2 $ Cash Copyright 2016 Pearson Education, Inc. Liabilities 00 2 2 $ Cash Copyright 2016 Pearson Education, Inc. Liabilities 00 2 2 $
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978-0133791006 Chapter 4 Part 3
Copyright 2016 Pearson Education, Inc. 4-21 1,260 938 1,844 700 4,742 2,508 7,250 300 1,100 350 2,400 7,250 7,250 6,200 6,200 6,200 500 80 2,020 300 392 400 3,692 2,508 6,200 1,260 938 1,844 6,200 700 10,942 300 1,100 350 2,400 500 80 2,020 300 392 400 10,942 (A) 300
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 4 Part 4
Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. 4-27 PROBLEM 4B-4 (CONCLUDED) LIABILITIES AND OWNERS EQUITY 00 00 00 0 0
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 1
Copyright 2016 Pearson Education, Inc. 5-1 Copyright 2016 Pearson Education, Inc. 5-1 Copyright 2016 Pearson Education, Inc. 5-1 5 The Accounting Cycle Completed ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. Only the balances in the original trial balance are found in the general ledger. At this point, no
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 2
Copyright 2016 Pearson Education, Inc. SOLUTIONS TO SET A PROBLEMS Credit Debit 50,000 Credit Debit Credit Debit 50,000 Credit Debit Credit Debit Cash 50,000 Copyright 2016 Pearson Education, Inc. SOLUTIONS TO SET A PROBLEMS Credit Debit 50,000 Credit Debit Credit Debit 50,000 Credit Debit Credit Debit Cash 50,000 Copyright 2016
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 3
Copyright 2016 Pearson Education, Inc. 5-21 Copyright 2016 Pearson Education, Inc. 5-21 Copyright 2016 Pearson Education, Inc. 5-21 PROBLEM 5A-3 (CONTINUED) CASH ACCOUNT NO. 111 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Jan. 1 GJ1 16,000 00 16,000 00 1
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 4
Copyright 2016 Pearson Education, Inc. 3,000 3,000 3,000 Accounts Receivable Copyright 2016 Pearson Education, Inc. 3,000 3,000 3,000 Accounts Receivable Copyright 2016 Pearson Education, Inc. 3,000 3,000 3,000 Accounts Receivable 5-31 SOLUTIONS TO SET B PROBLEMS PROBLEM 5B-1 DEB'S DANCE STUDIO WORKSHEET FOR THE
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 5
Copyright 2016 Pearson Education, Inc. 5-41 Copyright 2016 Pearson Education, Inc. 5-41 Copyright 2016 Pearson Education, Inc. 5-41 PROBLEM 5B-3 (CONTINUED) PALMER'S PLOWING GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Jan. 28 Accounts Payable 211 4 8 0 0 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 6
Copyright 2016 Pearson Education, Inc. 5-51 00 00 00 0 0 0 4 7 1 4 4 9 $5 24 $29 00 00 0 0 0 4 1 3 $5 Accounts Payable Salaries Payable Total Liabilities Owner's Equity P. Mao, Capital Total Liabilities and Owner's Equity 00 00 00 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 7
Copyright 2016 Pearson Education, Inc. 5-61 MINI PRACTICE SET SOUSA REALTY (1) SOUSA REALTY GENERAL JOURNAL PAGE 1 Date 201X Account Titles and Description PR Dr. Cr. Sept. 1 Cash 111 12 0 0 0 00 Office Equipment 121 5 0 0 0 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 8
Copyright 2016 Pearson Education, Inc. 5-71 Copyright 2016 Pearson Education, Inc. 5-71 Copyright 2016 Pearson Education, Inc. 5-71 MINI PRACTICE SET SOUSA REALTY COMMISSIONS EARNED ACCOUNT NO. 411 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Sept. 6 GJ1 11 0 0 0 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 5 Part 9
Copyright 2016 Pearson Education, Inc. 5-77 SOUSA REALTY (5) SOUSA REALTY POST-CLOSING TRIAL BALANCE SEPTEMBER 30, 201X Dr. Cr. Cash 22 5 4 5 00 Accounts Receivable 10 0 0 0 00 Prepaid Rent 8 0 0 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 6 Part 1
Copyright 2016 Pearson Education, Inc. 6-1 Copyright 2016 Pearson Education, Inc. 6-1 Copyright 2016 Pearson Education, Inc. 6-1 6 Banking Procedures and Control of Cash ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE 1. A smartphone app is a tool that can be used to make deposits, check balances, and
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 6 Part 2
Copyright 2016 Pearson Education, Inc. 6-11 Copyright 2016 Pearson Education, Inc. 6-11 Copyright 2016 Pearson Education, Inc. 6-11 PROBLEM 6A-2 Checkbook Balance $ 5,600 Balance per Bank $ 4,515 Add: Add: ____ Deposits in Transit 2,400 Subtotal $ 5,600 Subtotal $ 6,915 Deduct:
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 6 Part 3
Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. 6-21 PROBLEM 6B-4 (CONCLUDED) Category of Payment Amount 00 3 1 Misc. Exp. 00 7 00 00 9 5 2 00 00 00 00 9 7 3 5 2 1 Postage Delivery
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 6 Part 4
Copyright 2016 Pearson Education, Inc. 6-27 Copyright 2016 Pearson Education, Inc. 6-27 Copyright 2016 Pearson Education, Inc. 6-27 ACCOUNTS PAYABLE ACCOUNT NO. 2000 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Sept. 30 Balance forward
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 7 Part 1
Copyright 2016 Pearson Education, Inc. 7-1 Copyright 2016 Pearson Education, Inc. 7-1 Copyright 2016 Pearson Education, Inc. 7-1 7 Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll Process ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Recording Payroll Taxes: The Beginning of the Payroll Process ANSWERS TO
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 7 Part 2
Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. 7-11 PROBLEM 7A-3 PAYROLL REGISTER OCTOBER 13, 201X Distribution of Expense Accounts 00 00 00 00 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 7 Part 3
Copyright 2016 Pearson Education, Inc. 7-20 Copyright 2016 Pearson Education, Inc. 7-20 Copyright 2016 Pearson Education, Inc. 7-20 CASH ACCOUNT NO. 1000 Date Explanation Post Ref. Debit Credit Balance Debit Credit Oct. 31 Balance Forward 6 4
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 8 Part 1
Copyright 2016 Pearson Education, Inc. 8-1 Copyright 2016 Pearson Education, Inc. 8-1 Copyright 2016 Pearson Education, Inc. 8-1 8 Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Tax Forms: The Conclusion of the Payroll Process ANSWERS TO DISCUSSION AND CRITICAL THINKING QUESTIONS/ETHICAL CASE Taxes, and
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 8 Part 2
Copyright 2016 Pearson Education, Inc. 8-11 Mar. 15 FICA OASDI Payable 1 1 6 4 36 FICA Medicare Payable 2 7 2 32 FIT Payable 1 0 5 7 00 Cash 2 4 9 3 68 Deposit Form 941 Taxes Apr. 15 FICA OASDI Payable 1 0 8 0 04
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 8 Part 3
Copyright 2016 Pearson Education, Inc. 8-21 Mar. 15 FICA OASDI Payable 1 1 4 0 18 FICA Medicare Payable 2 6 6 66 FIT Payable 1 0 6 3 00 Cash 2 4 6 9 84 Deposit Form 941 Taxes For March 15: Apr. 15 FICA OASDI Payable 1 0
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 8 Part 4
Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education, Inc. 8-31 CONTINUING PROBLEM-ON THE JOB: SMITH COMPUTER CENTER Requirement 1 SMITH COMPUTER CENTER PAYROLL REGISTER DECMEBER 7, 201X Distr. of Expense Accts.
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 8 Part 5
Copyright 2016 Pearson Education, Inc. 8-40 Copyright 2016 Pearson Education, Inc. 8-40 Copyright 2016 Pearson Education, Inc. 8-40 FUTA TAX PAYABLE ACCOUNT NO. 2060 Date Explanation Post Ref. Debit Credit Balance Debit Credit Nov. 30 Balance Forward
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 9 Part 1
Copyright 2016 Pearson Education, Inc. 9-1 Copyright 2016 Pearson Education, Inc. 9-1 Copyright 2016 Pearson Education, Inc. 9-1 9 Sales and Cash Receipts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING QUESTIONS/ETHICAL CASE 1. Contra-revenue accounts record Sales Discounts, Sales Returns or Allowances. Receipts ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 9 Part 2
Copyright 2016 Pearson Education, Inc. 9-11 Copyright 2016 Pearson Education, Inc. 9-11 Copyright 2016 Pearson Education, Inc. 9-11 EXERCISES (CONTINUED) 9B-3. Date 201X Account Titles and Description PR Dr. Cr. Aug. 24 Cash 8 9 3 00 Sales Discount
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 9 Part 3
Copyright 2016 Pearson Education, Inc. 9-21 Copyright 2016 Pearson Education, Inc. 9-21 Copyright 2016 Pearson Education, Inc. 9-21 PROBLEM 9A-2 (CONTINUED) JEFF'S AUTO SUPPLY PARTIAL GENERAL LEDGER ACCOUNTS RECEIVABLE ACCOUNT NO. 110 Date 201X Explanation Post Ref. Debit Credit Balance Debit Credit Feb. 1
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978-0133791006 Chapter 9 Part 4
Copyright 2016 Pearson Education, Inc. 9-31 Copyright 2016 Pearson Education, Inc. 9-31 Copyright 2016 Pearson Education, Inc. 9-31 PROBLEM 9A-4 (CONTINUED) ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAME LOIS KOZAK CO. ADDRESS 2 RYAN RD., BUFFALO, NY 09113 Date 201X Explanation Post Ref. Debit Credit Debit Balance May 8
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978-0133791006 Chapter 9 Part 5
Copyright 2016 Pearson Education, Inc. 9-41 NAME J. SETH ADDRESS 22 REESE ST., LACONIA, NH 04321 Date 201X Explanation Post Ref. Debit Credit Dr. Balance Jan. 1 Balance 5 0 00 5 GJ2 6 1 2 00 6 6 2 00 12 GJ2 6 1 2 00 1 2 7
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978-0133791006 Chapter 9 Part 6
Copyright 2016 Pearson Education, Inc. 9-51 Copyright 2016 Pearson Education, Inc. 9-51 Copyright 2016 Pearson Education, Inc. 9-51 PROBLEM 9B-4 (CONTINUED) AL'S COSMETIC MARKET GENERAL JOURNAL PAGE 2 Date 201X Account Titles and Description PR Dr. Cr. Dec. 21 Accounts Receivable, John Tobin Co. 12 3 7 8 / 00
College Accounting: A Practical Approach 13th Edition
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978-0133791006 Chapter 9 Part 7
Copyright 2016 Pearson Education, Inc. 9-57 Copyright 2016 Pearson Education, Inc. 9-57 Copyright 2016 Pearson Education, Inc. 9-57 CONTINUING PROBLEM SOLUTION: ON THE JOB: SMITH COMPUTER CENTER (1) SMITH COMPUTER CENTER GENERAL JOURNAL PAGE 4 Date 201X Account Titles and Description PR Dr. Cr. Jan. 1 Accounts Receivable, Phils Photography
College Accounting: A Practical Approach 13th Edition
468144
Exam Prep
AC 48526
Financial statements that are prepared for a period shorter than a year are called: A) accounting period statements. B) fiscal year statements. C) interim statements. D) operating statements. Answer: C Answer: C Answer: C The two methods of accounting for uncollectible receivables are the direct write-off method and the: A) equity method. B) cash method. C) interest method. D) allowance method.
College Accounting: A Practical Approach 13th Edition
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AC 52655
The ending merchandise inventory was overstated. This error would cause: A) net income to be understated. B) revenue to be understated. C) net income to be overstated. D) expense to be overstated. Answer: C Answer: C Answer: C Corbin Corporation issued 300, $1,000, 11% bonds at 98. The entry to record this transaction is: A) debit Cash $300,000;
College Accounting: A Practical Approach 13th Edition
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AC 81304
When a corporation has only one class of stock, it will be preferred stock. Answer: FALSE Answer: FALSE Answer: FALSE The Purchases Discount account normally has a debit balance and is a contra-cost account. Answer: FALSE Answer: FALSE Answer: FALSE Under the accrual method of accounting, the allowance method is generally required for financial reporting purposes. Answer:
College Accounting: A Practical Approach 13th Edition
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AC 81428
Department contribution margin equals gross profit on sales minus direct departmental expenses. Answer: TRUE Answer: TRUE Answer: TRUE A deposit ticket usually combines checks deposited with coin and currency deposited. Answer: TRUE Answer: TRUE Answer: TRUE On the worksheet, the Beginning Inventory account is found in the debit column of the Balance Sheet. Answer: FALSE Answer: FALSE Answer:
College Accounting: A Practical Approach 13th Edition
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Exam Prep
AC 93198
A company has four departments (A, B, C and D) and the net sales are $35,000; $40,000; $60,000 and $25,000 respectively. The cost of goods sold per department is $25,000; $15,000; $30,000 and $15,000 respectively. What department has the highest gross profit? A) A B) B C) C D) D Answer: C Answer: C Answer: C The
College Accounting: A Practical Approach 13th Edition
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AC 98094
A document submitted by incorporators when applying for a charter is known as: A) articles of incorporation. B) charter. C) proxy. D) stock certificate. Answer: A Answer: A Answer: A Boxes R' Us paid $5,000 in salaries and wages for February. This transaction will: A) increase expenses and decrease revenue. B) increase expenses and increase liabilities. C) decrease assets and
College Accounting: A Practical Approach 13th Edition
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ACC 11096
Which of the following accounts would most likely NOT need to be adjusted at the end of the year? A) Office Supplies B) Prepaid Insurance Expense C) Accumulated Depreciation D) Cash Answer: D Answer: D Answer: D Record the following transactions into the expanded accounting equation for the Mayoras' Law Firm. Note that all titles have beginning
College Accounting: A Practical Approach 13th Edition
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Acc 12706
Income Summary, before closing to Capital, contains a debit balance of $110 and a credit balance of $200. What is the entry to close Income Summary to Capital? A) Debit Income Summary $100; credit Capital $200 B) Debit Income Summary $86; credit Capital $110 C) Debit Capital $90; credit Income Summary $90 D) Debit
College Accounting: A Practical Approach 13th Edition
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Acc 16703
The sale of assets for liquidation purposes of a partnership is called: A) a sheriff's sale. B) dissolution. C) net liquidation. D) None of the above Answer: D Answer: D Answer: D The entry to close the Fees Earned account would cause: A) the Capital account balance to increase. B) the Capital account balance to decrease. C) the Fees Earned
College Accounting: A Practical Approach 13th Edition
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ACC 27293
The goods a company has available to sell to customers are called: A) Supplies. B) Sales. C) Cost of Goods Sold. D) Merchandise Inventory. Answer: D Answer: D Answer: D Under MACRS, which of the following classes uses the straight-line method? A) 10-year property B) 15-year property C) 24.5-year property D) All of the above are correct. Answer: C Answer: C Answer: C Which
College Accounting: A Practical Approach 13th Edition
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ACC 34930
Important control features provided by a voucher system: A) assure only approved invoices are paid. B) centralize the recording of all expenditures in one placethe voucher register. C) include using the check register along with the voucher register. D) All of these answers are correct. Answer: D Answer: D Answer: D Of the following, which has a
College Accounting: A Practical Approach 13th Edition
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ACC 52103
A signature card shows the signature of only the person who authorizes others in the company to sign checks. Answer: FALSE Answer: FALSE Answer: FALSE Beginning inventory is adjusted by debiting Income Summary and crediting Merchandise Inventory. Answer: TRUE Answer: TRUE Answer: TRUE A purchases journal may be used to track inventory. Answer: FALSE Answer: FALSE Answer: FALSE The
College Accounting: A Practical Approach 13th Edition
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ACC 56141
A statement presenting data from two or more consecutive periods is called a: A) comparative statement. B) compromising statement. C) common-size statement. D) Both A and C Answer: A Answer: A Answer: A The risk of creditors in relation to the risk taken by stockholders is measured by: A) debt to stockholders' equity ratio. B) gross profit ratio. C) rate
College Accounting: A Practical Approach 13th Edition
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Acc 62817
The final step in the accounting cycle is: A) preparing the post-closing trial balance. B) preparing the financial statements. C) posting the closing entries. D) posting the adjusting entries. Answer: A Answer: A Answer: A When the balance of the Income Summary account is a credit, the entry to close this account is: A) debit Withdrawals; credit Income
College Accounting: A Practical Approach 13th Edition
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ACC 65407
In a perpetual inventory system, the Merchandise Inventory account is updated: A) when merchandise is sold. B) at the end of the period. C) when merchandise is purchased. D) All of the above are correct Answer: D Answer: D Answer: D Ending inventory: A) increases Cost of Goods Sold. B) decreases Cost of Goods Sold. C) does not affect Cost
College Accounting: A Practical Approach 13th Edition
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ACC 70082
The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is: A) the Cost of Goods Sold. B) net purchases + beginning merchandise inventory. C) the ending inventory. D) the beginning inventory. Answer: C Answer: C Answer: C The cash flows from operating activities are reported by the direct method on the statement
College Accounting: A Practical Approach 13th Edition
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ACC 81210
Bonds are short-term interest-bearing notes issued to multiple lenders, usually in increments of $1,000. Answer: FALSE Answer: FALSE Answer: FALSE Form 941 taxes include OASDI, Medicare, and federal unemployment tax. Answer: FALSE Answer: FALSE Answer: FALSE Depreciation Expense is reported on the statement of cash flows only when using the direct method of preparing a statement
College Accounting: A Practical Approach 13th Edition
468103
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Accounting 56754
To distinguish the total on a financial statement, use single underline. Answer: FALSE Answer: FALSE Answer: FALSE Retained Earnings is the account in which the stockholders' investments are placed. Answer: FALSE Answer: FALSE Answer: FALSE A bond that pays interest on February 28 and October 31 will have to be adjusted for 3 months interest on
College Accounting: A Practical Approach 13th Edition
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Accounting 57264
From the following data, make the following adjustments, and complete the worksheet for the month. a. Depreciation Expense is $350. b. Supplies remaining at end of period $75. c. Prepaid Insurance balance $400, $100 has expired. d. Wages for the 5 day work-week are $500, the month ended on a Wednesday. Account Trial Balance Adjustments
College Accounting: A Practical Approach 13th Edition
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Accounting 68999
Using MACRS rates for a 15 and 20-year property, what is the percentage for the depreciable rate? A) 200 percent B) 150 percent C) 125 percent D) 100 percent Answer: B Answer: B Answer: B A purchase of a vehicle for cash would have what effect on the accounting equation? A) Total asset amount remains the same. B) Total
College Accounting: A Practical Approach 13th Edition
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Accounting 85859
Indicate the normal balance of each of the following accounts: a) Purchases Returns and Allowances b) Merchandise Inventory c) Freight-In d) Sales Returns and allowances e) Unearned Revenue Answer: a) Creditb) Debitc) Debitd) Debite) Credit Answer: a) Creditb) Debitc) Debitd) Debite) Credit Answer: a) Credit b) Debit c) Debit d) Debit e) Credit When closing the expense account, which of the following
College Accounting: A Practical Approach 13th Edition
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Accounting 97292
An accounting device used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and withdrawals is a(n): A) chart of accounts. B) account. C) trial balance. D) footing. Answer: B Answer: B Answer: B If treasury stock is sold for less than cost, the entry to record the transaction would include a: A) debit to
College Accounting: A Practical Approach 13th Edition
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Acct 20115
Returned merchandise paid for within the discount period for a Cash refund. This will be recorded with: A) a credit to a liability. B) a credit to an asset. C) a debit to a liability. D) a debit to an asset. Answer: D Answer: D Answer: D Which of the following will decrease owner's equity? A) An exchange
College Accounting: A Practical Approach 13th Edition
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Acct 26036
Journalize the following independent transactions: a) Casey Company sells 300 shares of $20 par-value common stock at $20. b) Jacob Corporation sells 100 shares of $20 par-value common stock at $30. c) Moss Inc. sells 40 shares of no-par common stock with a $20 stated value for $30 per share. Answer: a)Cash 6,000Common Stock
College Accounting: A Practical Approach 13th Edition
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Acct 49393
Which of the following items are on both the balance sheet and the statement of owner's equity? A) Net loss B) Capital C) Additional owner's investments D) Owner's withdrawals Answer: B Answer: B Answer: B Which of the following could be recorded as a reversing entry? A) Depreciation of building B) Accrual of interest expense C) Allocation of prepaid rent in
College Accounting: A Practical Approach 13th Edition
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Acct 62201
When a bond issued at face value is retired, the journal entry would include: A) debit Bond Interest Expense. B) debit Bonds Payable. C) credit Cash. D) Both B and C Answer: D Answer: D Answer: D The write-off of an intangible asset is called: A) depreciation. B) amortization. C) impairment. D) deterioration. Answer: C Answer: C Answer: C The entry establishing a $200
College Accounting: A Practical Approach 13th Edition
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ACCT 63375
The payroll information for a pay period is found in the payroll register. Answer: TRUE Answer: TRUE Answer: TRUE To calculate gross profit, subtract operating expenses from net sales. Answer: FALSE Answer: FALSE Answer: FALSE Debits must exceed credits on the Statement of Owner's equity. Answer: FALSE Answer: FALSE Answer: FALSE Sales is a revenue account. Answer: Answer: Answer:
College Accounting: A Practical Approach 13th Edition
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Acct 69917
A work week is 180 hours in length. Answer: FALSE Answer: FALSE Answer: FALSE If ending inventory is overstated this period, beginning inventory will be overstated in the next period. Answer: TRUE Answer: TRUE Answer: TRUE Under the indirect method, net income is considered the primary source of cash from financing activities. Answer: FALSE Answer: FALSE Answer: FALSE The
College Accounting: A Practical Approach 13th Edition
468126
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ACCT 74267
What would be the depreciation expense in year 1, using units-of-production, for a molding machine that cost $22,000, had a useful life of 7 years, and an estimated total machine hours of 40,000? The salvage value is $2,000 and production in year 1 was 8,000 hours. A) $5,000 B) $4,400 C) $6,000 D) $4,000
College Accounting: A Practical Approach 13th Edition
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Acct 75845
Empire has a credit balance of $450 in its Allowance for Doubtful Accounts. The balance in the Accounts Receivable account is $92,500, with $2,015 estimated to be uncollectible after aging the accounts. Under the balance sheet approach, the debit to Bad Debt Expense will be: A) $450. B) $2,465. C) $2,015. D) $1,565. Answer:
College Accounting: A Practical Approach 13th Edition
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Acct 85720
A debit to a liability account was posted as a debit to the Capital account. This error would cause: A) assets to be overstated. B) liabilities to be overstated. C) capital to be overstated. D) None of the above is correct. Answer: B Answer: B Answer: B A stock split: A) causes decrease in the number of shares
College Accounting: A Practical Approach 13th Edition
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Acct 89344
The data processing department of a tax firm would be a cost center. Answer: TRUE Answer: TRUE Answer: TRUE The income statement reports the work in process inventory. Answer: FALSE Answer: FALSE Answer: FALSE Trends in the industry, such as advancements in technology, should not be a consideration in determining whether or not a department is
College Accounting: A Practical Approach 13th Edition
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Acct 93566
Overhead includes labor costs of assembly line supervisors but not the assembly workers. Answer: TRUE Answer: TRUE Answer: TRUE The income statement is completed after the statement of owners equity. Answer: FALSE Answer: FALSE Answer: FALSE When merchandise is sold, the periodic inventory system requires a debit to Cost of Goods Sold and a credit to
College Accounting: A Practical Approach 13th Edition
468135
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ACCT 95786
Under the direct method of the statement of cash flows, a sale of merchandise inventory for cash is a(n): A) managing activity. B) investing activity. C) financing activity. D) operating activity. Answer: D Answer: D Answer: D The ratios that measure a company's ability to pay off short-term debt are known as: A) Liquidity Ratios. B) Debt Management Ratios. C) Profitability
College Accounting: A Practical Approach 13th Edition
468152
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ACT 35445
J. Long purchased computer equipment for $7,000 on January 1, 2015. It has a residual value of $700 with a useful life of 5 years. After the appropriate adjusting entry is made, the book value of the asset on December 31, 2015, under the double declining-balance method, is: A) $4,000. B) $4,200. C)
College Accounting: A Practical Approach 13th Edition
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ACT 52745
Creditors' claims against assets are called liabilities. Answer: TRUE Answer: TRUE Answer: TRUE Using the balance sheet approach, the balance in Allowance for Doubtful Accounts is not taken into consideration when finding the adjustment. Answer: FALSE Answer: FALSE Answer: FALSE Bonds discount and bonds premium are expenses to the corporation. Answer: FALSE Answer: FALSE Answer: FALSE The W-2 is
College Accounting: A Practical Approach 13th Edition
468085
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ACT 55192
Departmental income statements would be a useful to tool for management to determine the viability of a department. Answer: TRUE Answer: TRUE Answer: TRUE The left and right columns on the financial statements are used for debits and credits. Answer: FALSE Answer: FALSE Answer: FALSE The Petty Cash account should never be debited when the fund
College Accounting: A Practical Approach 13th Edition
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ACT 55702
The correct journal entry to record the payment of SUTA is: A) debit SUTA Expense; credit Cash. B) debit Cash; credit SUTA Expense. C) debit Cash; credit SUTA Payable. D) debit SUTA Payable; credit Cash. Answer: D Answer: D Answer: D Barkley's Resort had 2,000 shares of $20 par value common stock outstanding. On June 1, Barkley's purchased
College Accounting: A Practical Approach 13th Edition
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ACT 57500
The Petty Cash account is debited when: A) the account is being replenished. B) the account balance is being decreased. C) the account balance is being increased. D) the account is closed. Answer: C Answer: C Answer: C Casey issued bonds for $20,000 at 12% face value on July 1. 12% interest payments are due January 1 and
College Accounting: A Practical Approach 13th Edition
468088
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ACT 70606
The check register replaces the voucher journal. Answer: FALSE Answer: FALSE Answer: FALSE Gross pay is the amount that the employee takes home. Answer: FALSE Answer: FALSE Answer: FALSE The financial loss that each stockholder in a corporation can incur is unlimited. Answer: FALSE Answer: FALSE Answer: FALSE The Uniform Partnership Act defines a partnership as "an association of
College Accounting: A Practical Approach 13th Edition
468093
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ACT 74403
The Manufacturing Overhead-Control account is used to apply overhead costs to production. Answer: FALSE Answer: FALSE Answer: FALSE The Income Summary account can be found on the worksheet. Answer: FALSE Answer: FALSE Answer: FALSE Stockholders do not have to pay federal income tax on their stock dividends. Answer: FALSE Answer: FALSE Answer: FALSE The time period for which an
College Accounting: A Practical Approach 13th Edition
468086
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ACT 76970
Individual amounts are recorded during the month to the accounts payable ledger. Answer: TRUE Answer: TRUE Answer: TRUE When an employee's earnings are greater than FICA base limit during the calendar year, no more FICA-OASDI tax is deducted from earnings. Answer: TRUE Answer: TRUE Answer: TRUE Purchase discounts are given to the buyer from the supplier for
College Accounting: A Practical Approach 13th Edition
468140
Exam Prep
ACT 77462
Preferred stockholders have what right over common stockholders? A) Voting rights B) Prior claim to dividends C) More risk than common stockholders D) Preemptive rights Answer: B Answer: B Answer: B If management wishes to measure how effectively the assets were used in generating a profit, they could use the: A) rate of return on total assets. B) rate
College Accounting: A Practical Approach 13th Edition
468114
Exam Prep
ACT 79484
Vouchers Payable is a liability account on the balance sheet. Answer: FALSE Answer: FALSE Answer: FALSE A profit center and a cost center both generate costs. Answer: TRUE Answer: TRUE Answer: TRUE The statement of retained earnings does not include the account Preferred Stock. Answer: TRUE Answer: TRUE Answer: TRUE Nonparticipating preferred stock allows stockholders an opportunity to share
College Accounting: A Practical Approach 13th Edition
468121
Exam Prep
ACT 98125
Calculate, from the following information accumulated by Bob Clark, the adjusted cash balance at the end of April. A) $4,000 B) $4,250 C) $4,205 D) $5,500 Answer: A Answer: A Answer: A An employee has gross earnings of $2,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $100 for federal income tax and $30 for state income tax.
College Accounting: A Practical Approach 13th Edition
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Exam Prep
MET MG 22232
If the company uses special journals, all payments should be recorded on a: A) cash receipts journal. B) cash payments journal. C) purchases journal. D) sales journal. Answer: B Answer: B Answer: B Other Expense is used to record: A) selling expenses. B) administrative expenses. C) operating expenses. D) None of the above Answer: D Answer: D Answer: D In what category in a
College Accounting: A Practical Approach 13th Edition
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Exam Prep
MET MG 27186
The amount of FICA-OASDI and FICA-Medicare withheld from the employee's check is determined by the employee's: A) W-2. B) net pay. C) earnings for the period and cumulative earnings. D) W-4. Answer: C Answer: C Answer: C Under the perpetual system, when merchandise is sold the journal entry would include a: A) debit to Merchandise Inventory; credit to
College Accounting: A Practical Approach 13th Edition
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Exam Prep
MET MG 36508
If partial payment is made and installment payments are set up after the voucher is prepared for the total amount owed: A) the old voucher is cancelled and a new voucher is prepared for the new amount owed. B) the old voucher is credited for the entire amount. C) Vouchers Payable is debited;
College Accounting: A Practical Approach 13th Edition
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Exam Prep
MET MG 60383
Estimated manufacturing overhead costs were $60,000 and the number of estimated machine hours was 20,000. Actual overhead costs were $61,000 and the actual number of machine hours used was 20,500. Based on machine hours, the overhead application rate per hour is: A) $3.00. B) $2.93. C) $3.10. D) $3.13. Answer: A Answer: A Answer: A Hard Candy
College Accounting: A Practical Approach 13th Edition
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Exam Prep
MET MG 80969
The purchase of supplies for cash would affect which account category? A) Assets B) Liabilities C) Capital D) Expense Answer: A Answer: A Answer: A When an interest-bearing note comes due and is uncollectible, the journal entry includes: A) debiting Notes Receivable; crediting Accounts Receivable. B) debiting Notes Receivable; crediting Accounts Receivable and Interest Revenue. C) debiting Accounts Receivable; crediting
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 14430
Regular earnings include hours of overtime worked during the weekend. Answer: FALSE Answer: FALSE Answer: FALSE Merchandise Inventory is an asset account. Answer: TRUE Answer: TRUE Answer: TRUE To find the percent of increase or decrease of an item in a comparative balance sheet you use the formula: % change = amount of change/base (new year).
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 35785
Ending finished goods inventory is subtracted from cost of goods available for sale to get: A) cost of goods manufactured. B) cost of goods sold. C) net purchases. D) None of the above Answer: B Answer: B Answer: B The separation of duties among the employees of the accounting department is an example of a(n): A) internal control
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 41899
From the following items, which would most likely cause the recording of unearned revenue? A) Potential sale of merchandise B) Purchase of merchandise on account C) Legal fees collected after work is performed D) Subscriptions collected in advance for a magazine Answer: D Answer: D Answer: D Tina's Event Planning bought a computer worth $4,000 with an
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 42784
When making the adjustment for prepaid insurance, instead of writing off only the time that has passed, the entire policy was written off. This would: A) overstate the assets. B) overstate the liabilities. C) understate net income. D) None of these is correct. Answer: C Answer: C Answer: C An adjustment for Prepaid Rent Expense would indicate: A)
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 53196
When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that noncash assets be taken over at their: A) residual value on the date of the partnership. B) book value on the date of the partnership. C) fair market value on the date of the partnership. D) historical cost
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 54946
The entry to record the incurrence of an expense will include: A) a debit to Capital and a credit to Cash. B) a debit to the expense and a credit to Vouchers Payable. C) a debit to the expense and a credit to Accounts Payable. D) a debit to Vouchers Payable and a credit
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 72099
When the amount received for the bond is less than the face value, the difference is written off over time in an account called Premium on Bonds Payable. Answer: FALSE Answer: FALSE Answer: FALSE Nominal accounts are called temporary accounts because their balances are carried forward to the next accounting period. Answer: FALSE Answer:
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Exam Prep
SMG AC 81802
Which of the following transactions would most likely NOT be recorded in an auxiliary petty cash record? A) Purchase of first aid supplies B) Purchase of postage stamps C) Payment on a $400 rent bill D) Payment of gas for the company vehicle Answer: C Answer: C Answer: C Returned merchandise under the periodic inventory method. This will
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 93474
A business issues 10-year bonds payable in exchange for common stock. This transaction would be reported on the statement of cash flows in: A) operating activities. B) financing activities. C) investing activities. D) a separate schedule. Answer: D Answer: D Answer: D A wholesale customer returned merchandise having already paid for it within the cash discount period.
College Accounting: A Practical Approach 13th Edition
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Exam Prep
SMG AC 96910
Of two departments, the men's department has 8,000 square feet and the women's department has 22,000 square feet. Depreciation is divided by square footage. If total depreciation is $50,000, the total amount allocated to the men's department would be approximately $36,667. Answer: FALSE Answer: FALSE Answer: FALSE Generally Accepted Accounting Principles are the
College Accounting: A Practical Approach 13th Edition

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