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Question 1
Ken Lumas started his own consulting firm, Lumas
Consulting, on June 1, 2014. The trial balance at
June 30 is as follows.
LUMAS CONSULTING Trial Balance June 30, 2014

2. Cash
Debit Credit $
6,850
Accounts
Receivable
Supplies
Prepaid
Insurance
Equipment
Accounts
Payable
Unearned
Service
Revenue
Common Stock
Service
Revenue
Salaries and
Wages Expense
Rent Expense
7.000
2,044
3,480
15.00
0
$ 4,280
1
1
5,200
ment.com
22,134
8,000
4,000
1,240
$39,614
$39,614

3. In addition to those accounts listed on the trial
balance, the chart of accounts for Lumas also
contains the following accounts: Accumulated
Depreciation—Equipment, Salaries and Wages
Payable, Depreciation Expense, Insurance
Expense, Utilities Expense, and Supplies Expense.
Other data:
1. Supplies on hand at June 30 total $850.
2.
A utility bill for $181 has not been recorded and
will not be paid until next month.
3. The insurance policy is for a year.
Services were performed for $4,370 of
4. unearned service revenue by the end of the
month.
5. Salaries of $1,338 are accrued at June 30.
The equipment has a 5-year life with no salvage
6. value and is being depreciated at $250 per
month for 60 months.
7. Invoices representing $4,206 of services
performed during the month have not been

4. recorded as of June 30.
Prepare the adjusting entries for the month of
June. (Credit account titles are automatically
indented when the amount is entered. Do not
indent manually.)
Prepare an adjusted trial balance at June 30,
2014.
Question 2
The Solo Hotel opened for business on May 1,
2014. Here is its trial balance before adjustment
on May 31.
SOLO HOTEL
Trial Balance
May 31, 2014
Debit
Cash
Supplies
Prepaid
Insurance
$ 2,876
2,600
1,800
Credit

5. Land 15,376
Buildings 72,400
Equipment 16,800
Accounts
Payable
$ 5,076
Unearned
Rent
Revenue
3,300
Mortgage
Payable
38,400
60,376
ment.com
Common
Stock
Rent
Revenue
9,000
Salaries and
Wages
Expense
3,000
Utilities
Expense
800
Advertising
Expense
500

6. $116,152 $116,152
Other data:
1. Insurance expires at the rate of $360 per month.
2.
3.
4.
A count of supplies shows $1,052 of unused
supplies on May 31.
(a) Annual depreciation is $3,480 on the
building.
(b) Annual depreciation is $3,360 on
equipment.
The mortgage interest rate is 5%. (The
mortgage was taken out on May 1.)
5. Unearned rent of $2,540 has been earned.
6.
Salaries of $784 are accrued and unpaid at May
31.
Journalize the adjusting entries on May 31. (Credit
account titles are automatically indented when the
amount is entered. Do not indent manually.)
Prepare a ledger using T-accounts. Enter the trial
balance amounts and post the adjusting entries.

7. (Post entries in the order of journal entries
presented in the previous question.)
Prepare an adjusted trial balance on May 31.
Prepare an income statement for the month of
May.
Prepare a retained earnings statement for the
month of May.
Prepare a classified balance sheet at May 31. (List
current assets in order of liquidity. List Property,
Plant and Equipment in order of Land, Buildings
and Equipment .)
Question 3
The financial statements of Tootsie Roll are
presented below.
What was the amount of depreciation expense for
2011 and 2010? (You will need to examine the
notes to the financial statements or the statement
of cash flows.) (Enter amounts in thousands.)
What was the cash paid for income taxes during
2011, reported at the bottom of the consolidated
statement of cash flows? What was income tax

8. expense (provision for income taxes) for 2011?
(Enter amounts in thousands.)
Question 4 GAAP:
allows revenue to be recognized when a customer
makes an order.
requires that revenue not be recognized until cash
is received.
provides very detailed, industry-specific guidance
on revenue recognition, compared to the general
guidance provided by IFRS.
provides only general guidance on revenue
recognition, compared to the detailed guidance
provided by IFRS.
Question 5
Which of the following statements is false?

9. IFRS employs accrual accounting.
IFRS requires that revenues and costs must be
capable of being measured reliably.
IFRS employs the periodicity assumption.
IFRS uses the cash basis of accounting.
Question 6
As a result of the revenue recognition project
being undertaken by the FASB and IASB:
revenue recognition will place more emphasis on
when revenue is earned.
revenue will no longer be recorded unless cash has
been received.
revenue recognition will place more emphasis on
when revenue is realized.

10. revenue recognition will place more emphasis on
when changes occur in assets and liabilities.
Question 7
Which of the following is false?
Under IFRS, firms do not engage in the closing
process.
IFRS has fewer standards than GAAP that address
revenue recognition.
Under IFRS, the term expenses includes losses.
Under IFRS, the term income describes both
revenues and gains.
Question 8
Transactions that affect earnings do not necessarily
affect cash. Identify the effect, if any, that each of
the following transactions would have upon cash
and net income. The first transaction has been
completed as an example. (If an amount

11. reduces the account balance then enter with
negative sign preceding the number e.g. -15,000 or
parentheses e.g. (15,000).)
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