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Exam 2: Analyzing Transactions

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Question 51

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Richardson Company has a condensed income statement as shown. Using horizontal analysis, calculate the amount and percent change for sales. Round percentages to one decimal place.

A) $15,500, 19.6%
B) ($15,500) , (10.3%)
C) $15,500, 10.3%
D) ($15,500) , (9.4%)

E) A) and B)
F) A) and C)

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Question 52

Multiple Choice

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A debit may signify a(n)

A) decrease in asset accounts
B) decrease in liability accounts
C) increase in the common stock account
D) decrease in the dividends account

E) C) and D)
F) A) and D)

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Question 53

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When an account receivable is collected in cash, the total assets of the business increase.

The classification and normal balance of the dividends account is

In which of the following types of accounts are decreases recorded by credits?

The classification and normal balance of the accounts payable account is

An account in its simplest form has three parts to it: a title, an increase side, and a decrease side.

A journal with a debit and credit column for recording transactions is known as a

Match each of the following accounts with its proper account group from groups listed below.​ -Unearned Rent A)Assets B)Liabilities C)Stockholders' Equity D)Revenue E)Expenses

Lewis Company has a condensed income statement as shown: REQUIRED: Prepare a horizontal analysis of Lewis Company's income statements. Comment on the trends, both favorable and unfavorable.

The Posting Reference columns are used to trace transactions from the accounts to the journal. What will be entered in the Posting Reference column of (1) the journal and (2) the account?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit posted as credit, or vice versa. A)Trial balance preparation errors B)Account balance errors C)Posting errors

For a month's transactions for a typical medium-sized business, the accounts payable account is likely to have only credit entries.

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing, and therefore should be equal.

Assets are increased with debits and decreased with credits.

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. (a) Prepare a horizontal analysis for the two companies.(b) Analyze the changes from Year 1 to Year 2 for both companies.

Match each of the following accounts with its proper account group from groups listed below.​ -Dividends A)Assets B)Liabilities C)Stockholders' Equity D)Revenue E)Expenses

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: Use the above information to answer the questions that follow.​ -What is the posting reference that will be found in the cash account?

Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Trial balance column incorrectly added. A)Trial balance preparation errors B)Account balance errors C)Posting errors