The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner’s equity, or balance sheet. 1. Accumulated Depreciation 2. Cash 3. Fees Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Tina Greer, Drawing 8. Wages Expense
> Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of
> What is the difference between a current liability and a long-term liability?
> Describe the nature of the assets that compose the following sections of a balance sheet: (a) Current assets and (b) Property, plant, and equipment.
> The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2019, follow: Journalize the five entries that adjusted the accounts at October 31, 2019. None of the accounts were affected by more than one adjusting entry. Ameri
> Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2019, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of
> Recent fiscal years for several well-known companies are as follows: Company ______________Fiscal Year Ending JCPenney ……………………………………………. January 27 Limited Brands, Inc. …………………………….. January 27 Sears …………………………………………………… January 27 Target Corp. ……………………
> (a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.
> Daryl Kirby opened Squid Realty Co. on January 1, 2018. At the end of the first year, the business needed additional capital. On behalf of Squid Realty Co., Daryl applied to Ocean National Bank for a loan of $375,000. Based on Squid Realty Co.’s financia
> Chris P. Bacon is the chief accountant for CV Industries, a large manufacturing company. In addition to its normal business activities, the company has excess warehouse space that it rents out to local businesses. Because the typical renter is a small bu
> Several years ago, your brother opened Magna Appliance Repairs. He made a small initial investment and added money from his personal bank account as needed. He withdrew money for living expenses at irregular intervals. As the business grew, he hired an a
> On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on D
> Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance: The data needed
> Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances: Instructions Journalize the
> Two income statements for Cornea Company follow: a. Prepare a vertical analysis of Cornea Company’s income statements. b. Does the vertical analysis indicate a favorable or an unfavorable trend? Cornea Company Income Statements Fo
> Two income statements for Hemlock Company follow: a. Prepare a vertical analysis of Hemlock Company’s income statements. b. Does the vertical analysis indicate a favorable or an unfavorable trend? Hemlock Company Income Statements
> (a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two accounts to be equal in amount? (d) In what financial statemen
> On November 1 of the current year, a business paid the November rent on the building that it occupies. (a) Do the rights acquired at November 1 represent an asset or an expense? (b) What is the justification for debiting Rent Expense at the time of payme
> When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. The accrued salaries were included in the first salary payment in November. Indicate which items will be erroneo
> Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the following data were assembled: • Fees ear
> Delta Air Lines is a major passenger airline headquartered in the United States. Most Delta passengers purchase their tickets several weeks prior to taking their trip and use a credit card such as VISA or American Express to pay for their tickets. The cr
> Current assets and current liabilities for Brimstone Company follow: a. Determine the working capital and current ratio for 2019 and 2018. b. Does the change in the current ratio from 2018 to 2019 indicate a favorable or an unfavorable change? 2019
> At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. Explain how the liability should be classified on the balance sheet.
> Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: May 1. Purchased field
> Current assets and current liabilities for HQ Properties Company follow: a. Determine the working capital and current ratio for 2019 and 2018. b. Does the change in the current ratio from 2018 to 2019 indicate a favorable or an unfavorable change?
> At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: Net income for April ………â€&br
> Back Country Life, Inc., does business in two product segments, Camping and Fishing. The following annual revenue information was determined from the accounting system’s invoice information: Prepare horizontal and vertical analyses of
> McHale Company does business in two customer segments, Retail and Wholesale. The following annual revenue information was determined from the accounting system’s invoice information: Prepare horizontal and vertical analyses of the seg
> Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) On Wednesday and (b) On Thursday.
> After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital …………………………. $643,600 Felix Godwin, Drawing …………………………… 10,500 Fees Earned …
> The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account: Describe each transaction and the source of each posting. NAME Colonial Inc. ADDRESS 5000 Grand Ave. Po
> In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and Exchange Commission (SEC). It includes the company’s financia
> After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital ………………………….. $9,556,300 Kerry Buckner, Drawing ……………………………… 80,00
> The debits and credits from two transactions are presented in the following creditor’s (supplier’s) account: Describe each transaction and the source of each posting. Migrant Technology 2199 Commerce Place NAME A
> Identify each of the following as (a) A current asset or (b) Property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Land 5. Prepaid Insurance 6. Supplies
> Classify the following items as (a) Accrued revenue, (b) Accrued expense, (c) Unearned revenue, or (d) Prepaid expense: 1. Bill for ads that appeared in prior month’s local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet receiv
> Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. 5. Received cash from Mendez Co. for the balance
> The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c) Current liability; (d) Long-term liability; or (e) Owner’
> The following purchase transactions occurred during March for Celebration Catering Service: Mar. 11. Purchased party supplies for $610, on account from Party Hearty Supplies Inc. 14. Purchased party supplies for $312, on account from Fun 4 All Supplies I
> The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c) Current liability; (d) Long-term liability; or (e) Owner’
> The following purchase transactions occurred during October for K-Town Inc.: Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc. 14. Purchased office equipment for $2,100, on account from Zell Computer Inc. 26. Purchased office
> At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry
> Guardian Security Services was established on January 15 to provide security services. The services provided during the remainder of the month are as follows: Jan. 18. Issued Invoice No. 1 to Murphy Co. for $490 on account. 20. Issued Invoice No. 2 to Qw
> Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson, Capital had a balance of $918,000. During the year, Blake made no additional investments and withdrew $15,000. For the year ended December 31, 2018, Grab Bag D
> The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting. NAME Moravian Products Inc. ADDRESS 46 W. Main St. Post. Ref. Date Item Debit Credit Balance Aug
> Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $618,500. During the year, Marcie invested an additional $40,000 and withdrew $15,000. For the year ended December 31, 2018, Gemini A
> Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owner’s equity for the year. Doug Stone, Capital 31,200 May 1 (2018) 475,500 Sept. 30 Doug Ston
> The debits and credits from two transactions are presented in the following customer account: Describe each transaction and the source of each posting. NAME ADDRESS Horizon Entertainment 125 Wycoff Ave. Post. Ref. Date Item Debit Credit Balance Feb
> The following accounts were taken from the unadjusted trial balance of Legislative Results Inc., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting
> Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J. Dunlop for $115 on account. 22. Issued Invoice No. 2 to K. Tisda
> The following revenue transactions occurred during April: Apr. 6. Issued Invoice No. 78 to Lemon Co. for services provided on account, $1,240. 11. Issued Invoice No. 79 to Hitchcock Inc. for services provided on account, $2,570. 19. Issued Invoice No. 80
> The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner’s equity, or balance sheet. 1. Accounts Payabl
> The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: • During July, PS Music provided guest disc jockeys for KXMD for a
> On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13,900. a. Journalize the adjusting entry required as of December 31. b. If the adjusting entry in (a) were omitted, which items would be erron
> The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2019, the accountant for The Signage Company prepared the trial balances shown below. Instructions Journalize the seven entries that adjusted the a
> The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., $26,900. 3. Purchased offi
> The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) Unearned revenue earned during the year ($34,900) and (b) Accrued wages ($12,770). Indicate the effect of each error, considered ind
> List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $ 18,500 Accounts payable.. Supplies.. Prepald Insurance
> Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the following data were assembled: •
> Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depre
> In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. a. What was the book value of the fixed assets? b. Would the book value of Microsoft’s fixed asse
> On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: • Fees accrued but unbilled at May 31 are $19,750. • The supplies account balance on May 31 is $12,300. The supplies on hand
> Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. â€&cen
> A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in
> The balance in the unearned fees account, before adjustment at the end of the year, is $97,770. Of these fees, $39,750 have been earned. In addition, $24,650 of fees have been earned but have not been billed. Journalize the adjusting entries (a) To adjus
> The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives f
> The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) The amount of insurance
> West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash paymen
> Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Los
> A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or creditor accounts. a. Why do companies use subsidiary ledgers for accounts payable and accoun
> The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $4,200. 2. Issued Invoice No. 940 to Clifford Co., $1,740. 3. Received check for $4
> What impact should the composition of the workforce have on HRM practices or activities? What future trends do you see that will influence HRM activities? Why is the growing cultural diversity of the workforce a management challenge?
> Why is e-Learning so popular today? What is the future of social media techniques for training? How can we ensure that everyone in the firm is comfortable using these types of techniques?
> Describe the major HRM activities conducted in an organization. Provide an example of each from a company with which you are familiar.
> How do productivity concerns influence organizational policies and procedures regarding HRM activities?
> Describe the changing status of HRM. What factors have led to these changes?
> What kind of work-related factors affect employees’ stress levels? What recommendations would you offer a company to manage the stress of its employees?
> A constant political debate is whether the minimum wage should be increased. Research this topic and justify your position on the topic.
> It has been proposed that students be assessed with work simulations similar to those used in managerial assessment centers. Assessments are then made on student’s competencies in decision-making, leadership, oral communication, planning and organizing,
> If actual performance of the human resources plan differs from desired performance, what remedial steps might you use?
> How would you go about combining individual and group-based PFP systems?
> Discuss the possible pros and cons of the two qualitative methods of forecasting labor demand presented.
> Some organizations do a thorough job analysis first and then human resource planning as part of a restructuring process. What makes more sense to you?
> Think of three or four organizations with which you are familiar. How have they been affected by the globalization of business? Make sure you consider both direct and indirect influences. If they have not been particularly affected, what are some of t
> Why is planning an important activity? What are some of the advantages of effective planning?
> How should HR planning involve a comparison to competitors? What critical data are required?
> How do human resource planning and recruitment complement each other?
> Discuss the advantages and disadvantages of using Web-based recruitment.
> Given the accumulated evidence of the effects of smoking, why hasn't OSHA taken any steps to regulate smoking and second-hand smoke in the workplace?
> How would you set up a study to evaluate the effects of an on-line training program versus a lecture-based approach?
> What are the advantages and disadvantages of the various external recruitment sources?
> Suppose a key employee has just resigned and you are the department manager. After you have sent your request to personnel for a replacement, how could you help the recruiter to find the best replacement?
> Employee referral is a popular method of recruiting candidates. What are its advantages and disadvantages?
> Some experts argue that a corporation’s board of directors should be paid only with stock options. What do you think?
> Explain how Ford and GM have a competitive disadvantage related to financial capability.
> What are the sources of uniqueness that can aid a company seeking competitive advantage?
> Why does the number of qualified applicants for each strategic position relate to corporate effectiveness? How can HRM enhance this?
> Why has violence in the workplace become a larger problem for organizations? What recommendations would you offer to a company to ensure that it does not experience violence? Be specific.
> Why is the support of line management critical to the effective functioning of HRM practices in an organization? Provide some suggestions for ensuring that this support is maintained.
> Should a company be allowed to prohibit smoking or drinking alcohol on or off the job for its employees? Explain your answer.
> Do you support a policy of random drug testing for all employees? Explain. Would you be less attracted to an organization that required random drug testing with no probable cause?
