Bridgeport Compary has decided to expand its operations- The bookkeepe.docx

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Bridgeport Compary has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for exparision. Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $171 , 000 and for the equipment. $116 , 000 . The allowance for doubtful accounts has a balance of $28 , 000 . The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property. Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Balance Sheet December 31,2020 Assets Current Assets Cash Equity lnvestments Accounts Recelvable 5 5 Less v : Allowance for Doubtful Accounts Inventory Prepaid Expenses Total Current Assets: Long-term investments Long-term Investments Liabilities and Stockholders' Equity 5 Total Liabinities Stockholders' Cquity .

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What is a general ledger account? A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment. Examples of the general ledger liability accounts include Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits. Examples of income statement accounts found in the general ledger include Sales, Service Fee Revenues, Salaries Expense, Rent Expense, Advertising Expense, Interest Expense, and Loss on Disposal of Assets. Some general ledger accounts are summary records which are referred to as control accounts. The detail that supports each of the control accounts will be found outside of the general ledger in what is known as a subsidiary ledger. For example, Accounts Receivable could be a control account in the general ledger, and there will be a subsidiary ledger which contains each customer's credit activity. The general ledger accounts Inventory, Equipment, and Accounts Payable could also be control accounts and for each there will be a subsidiary ledger containing the supporting detail.

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1) Accounting: A. processes data into reports and communicates the data to decision makers. B. is often called the language of business. C. measures business activities. D. is all of the above. 2) Assets include cash, land, and accounts payable. True False 3) A prepaid expense is an asset. True False 4) The primary objective of financial reporting is to provide information A. on the cash flows of the company. B. to the federal government. C. useful for making investment and credit decisions. D. about the profitability of the enterprise. 5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation. True False 6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have A. increased by $ 56,000. B. decreased by $ 56,000. C. increased by $ 118,000. D. decreased by $ 118,000 7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015. Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000. How much retained earnings should Thompson report at December 31, 2016? A. $ 425,000 B. $ 340,000 C. $ 525,000 D. $ 440,000 8) Purchasing a laptop computer on account will A. increase total assets. B. have no effect on stockholders' equity. C. increase total liabilities. D. All of the listed choices are correct. 9) Performing a service on account will A. increase total assets. B. increase stockholders' equity. C. increase total liabilities. D. accomplish both a and b. 10) Receiving cash from a customer on account will A. decrease liabilities. B. have no effect on total assets. C. increase stockholders' equity. D. increase total assets. 11) Which of the following is not an asset account? A. Salary Expense B. Common Stock C. Service Revenue D. None of the listed accounts is an asset. 12) The journal entry to record the purchase of supplies on account A. debits Supplies Expense and credits Supplies. B. credits Supplies and debits Cash. C. credits Supplies and debits Accounts Payable. D. debits Supplies and credits Accounts Payable. 13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months (January long dash June). Bambi recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include A. a debit to Prepaid Rent for $ 1,250. B. a credit to Prepaid Rent for $ 250. C. a debit to Prepaid Rent for $ 250. D. a credit to Prepaid Rent for $ 1,250. 14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,5.

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Question 1 The accounting process involves all of the following except identifying economic transactions that are relevant to the business. analyzing and interpreting financial reports. communicating financial information to users by preparing financial reports. recording non-quantifiable economic events. Question 2 Which of the following would not be considered an internal user of accounting data? Controller of the company Production manager President of the company Internal Revenue Service Question 3 Generally Accepted Accounting Principles are theories that are based on physical laws of the universe. principles that have been proven correct by academic researchers. income tax regulations of the Internal Revenue Service. standards that indicate how to report economic events. Question 4 The three types of business entities are proprietorships, partnerships, and corporations. proprietorships, partnerships, and large businesses. financial, manufacturing, and service companies. proprietorships, small businesses, and partnerships. Question 5 Owner’s equity is equal to assets minus liabilities. assets plus liabilities. assets minus revenues. revenues minus expenses. Question 6 The left side of an account is always the credit side. is always the debit side. is always the balance side. may represent the debit side or the credit side. Question 7 Credits decrease both assets and liabilities. increase both assets and liabilities. decrease both assets and equity. increase liabilities and decrease assets. Question 8 The second step in the recording process is preparing a trial balance. posting to the general ledger. analyzing a transaction. journalizing a transaction. Question 9 The chart of accounts is a device used to prove the mathematical accuracy of the ledger. listing of the accounts and the account numbers that identify their location in the ledger. required step in the recording process. list of accounts and their balances at a given time. Question 10 A list of accounts and their balances at a given point in time is called a chart of accounts. trial balance. general journal. general ledger. Question 11 The expense recognition principle matches assets with owner’s equity. assets with liabilities assets with expenses. expenses with revenues. Question 12 If a resource has been consumed but a bill has not been received at the end of the accounting period, it is optional whether to record the expense before the bill is received. an adjusting entry should be made recognizing the expense. an expense should be recorded in the next accounting period when the bill is received. an expense should be recorded when the cash is paid out. Question 13 An adjusting entry for accrued expenses increases an expense and also increases a liability account. True False Question 14 The adjusted trial balance is prepared after th ...

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The following information is for Henenlotter Inc. for the year ended December 31, 2012. Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012. CASH RECEIVED FROM: Customers ? Interest on investments 600 Sale of land (not in use) 1,000 Sale of Henenlotter Inc. common stock 750 Sale of Janis Corp. stock 500 Issuance of debt securities (bonds) 2,000 CASH PAID FOR: Interest on debt 300 Income tax 80 Debt principal reduction 1,500 Purchase of equipment 4,100 Purchase of inventory 1,000 Dividends paid on Henenlotter common stock 200 Operating expenses 400 OTHER DATA Revenue 600 Accounts Receivable (Jan. 1, 2012) 1,200 Accounts Receivable (Dec. 31, 2012) 900 Accounts written off during the year 200 Prepare a Statement of Cash Flows for the year. Use the direct method for the operating activities section. 1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is: A. Reliability. B. Comparability. C. Completeness. D. Verifiability. E. All of the above 2. Which of the following best demonstrates the full disclosure principle? A. The multi-step income statement. B. The auditors' report. C. The company's tax return. D. Notes to financial statements. E. None of the above. 3. Disclosure notes to a company's financial statements: A. Are relatively unimportant facts that don't belong in the basic financial statements. B. Document the source of financial statement facts, like literary footnotes. C. Are an integral part of a company's financial statements. D. Are irrelevant facts that are immaterial in amount. E. None of the above. 4. An important argument in support of historical cost information is: A. Relevance. B. Predictive quality for future cash flows. C. Materiality. D. Verifiability. E. All of the above 5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is: A. Timeliness. B. Materiality. C. Relevance. D. Cost effectiveness. E. All of the above. 6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is: A. Comparability. B. Faithful representation. C. Cost effectiveness. D. Materiality. E. Two of the above are correct. 7. Recognizing expected losses immediately, but deferring expected gains, is an example of: A. Materiality. B. Conservatism. C. Cost effectiveness. D. Timeliness. E. All o ...

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