Financial Accounting An Introduction to Concepts, Methods and Uses Weil 14th Edition Test Bank

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Financial Accounting An Introduction to
Concepts, Methods and Uses Weil 14th Edition
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Chapter 2: The Basics of Record Keeping and Financial
Statement Preparation: Balance Sheet
Student:
1. The T-account looks like the letter T, with a horizontal line bisected by a vertical line. Increases in
shareholders’ equity appear on the right side, and decreases in shareholders’ equity appear on the left side of
T-accounts.
True False
2. The T-account looks like the letter T, with a horizontal line bisected by a vertical line. Increases in liabilities
appear on the right side, and decreases in liabilities appear on the left side of T-accounts.
True False
3. The T-account looks like the letter T, with a horizontal line bisected by a vertical line. Increases in assets
appear on the left side, and decreases in assets appear on the right side of T-accounts.
True False
4. A T-account is a device or convention for organizing and accumulating the accounting entries of transactions
that affect an individual account, such as cash, accounts receivable, bonds payable, or additional paid-in
capital.
True False
5. The balance sheet equation maintains equality by reporting the financial statement effects of each event and
transaction in a dual manner, or what are termed the dual effects of transactions.
True False

6. The balance sheet equation shows the equality of assets with liabilities plus shareholders’ equity. This
equation requires that an entity’s assets exactly balance, or offset, an equal amount of financing provided by
creditors and owners of the corporation.
True False

7. The balance sheet equation underlies the recording of transactions and events. It captures the financial
statement effects of operating, investing, and financing transactions—three key activities of business firms.
True False
8. The balance sheet equation provides the analytical framework to understand the effects of transactions and
events on the financial statements.
True False
9. The balance sheet groups individual accounts by type (asset, liability, or shareholders’ equity) and lists these
accounts with their balances as of the balance sheet date.
True False
10. The date of the balance sheet appears at the bottom of the balance sheet.
True False
11. The asset and liability categories group individual accounts by the expected timing of cash receipts (for
assets) or cash payments (for liabilities).
True False
12. If the firm expects to collect or pay more than one year after the balance sheet date, the balance sheet
classifies these as noncurrent assets and noncurrent liabilities, respectively.
True False
13. The balance sheet begins with a list of assets and then lists liabilities and shareholders’ equity.
True False
14. Both U.S. GAAP and IFRS require firms to report balance sheet accounts for the prior year in addition to
the current year.
True False
15. Under U.S. GAAP, assets and liabilities in the balance sheet appear in order of increasing
closeness-to-cash.
True False

16. Common terminology describes items whose cash receipts or payments the firm expects will occur within
one year as current assets or current liabilities, respectively.
True False
17. Under IFRS, assets and liabilities appear in the statement of financial position in order of decreasing
closeness-to-cash.
True False
18. Total liabilities plus shareholders’ equity shows the sources of all the firm’s financing, and the assets show
how the firm holds or has invested those funds.
True False
19. The beginning balance of the shareholders’ equity account Retained Earnings plus net income from the
income statement less dividends equals the ending balance of Retained Earnings.
True False
20. The equation that describes the relationship between the balance sheet and the income statement through the
Retained Earnings account is as follows:
Retained Earnings (beginning) + Net Income - Dividends = Retained Earnings (ending)
True False
21. Retained earnings measures the cumulative excess of net income over dividends for the life of a firm.
Cumulative means that retained earnings aggregates all undistributed earnings.
True False
22. Income statement accounts are temporary accounts and, as such, will have beginning and ending balances of
zero.
True False
23. The closing process involves reducing to zero the balance in each income statement account by debiting the
revenue accounts and crediting the expense accounts, and transferring to Retained Earnings the differences
between total revenues and total expenses.
True False

24. A balance sheet account with a debit balance requires a closing entry that credits that account, because a
credit closing entry will result in a zero ending balance in the account.
True False
25. A balance sheet account with a credit balance requires a closing entry that debits that account, because a
debit closing entry will result in a zero ending balance in the account.
True False
26. The first step in the accounting record-keeping process is recording each transaction in a file or other record
in the form of a journal entry.
True False
27. A balance sheet prepared according to U.S. GAAP lists assets from most liquid to least liquid, where liquid
refers to the ease of converting the asset into cash.
True False
28. A balance sheet prepared according to U.S. GAAP lists liabilities starting with those that the firm will
discharge soonest (the most current or closest to maturity liabilities) and ending with those that it will pay latest
(the most noncurrent or distant to maturity liabilities).
True False
29. Firms that use International Financial Reporting Standards (IFRS) may, but need not, list their assets from
least liquid to most liquid, with the same ordering used to list liabilities.
True False
30. Depreciation allocates the asset’s cost to the periods of benefit in some systematic and rational way, and it
attempts to track changes in the asset’s fair value.
True False
31. Shareholders’ equity is a residual interest or claim—that is, the owners (shareholders) of a firm have a claim
on assets not required to meet the claims of creditors.
True False

32. The amounts that firms report as received from owners are equal to the amounts the firm received when it
originally issued the shares of stock.
True False
33. The balance sheet amount of shareholders’ equity does not, and is not intended to, provide the user of the
financial reports with a measure of the market value of common equity.
True False
34. A potential investor can easily ascertain market value of common equity for a given publicly traded firm by
looking up the most recent share price (as reported in various online services) and then multiplying this share
price times the number of common shares outstanding, as reported on the balance sheet.
True False
35. The balance sheet provides all the information an analyst wants or needs about a firm’s resources and the
claims on those resources.
True False
36. Accounting does not normally recognize mutually unexecuted contracts as assets or liabilities.
True False
37. Both U.S. GAAP and IFRS require the disclosure, in the notes to the financial statements, of selected
information about business segments.
True False
38. In computerized systems, posting occurs instantly and automatically after journalizing.
True False
39. Accounting is governed by the balance sheet equation, which shows the equality of
A. assets with liabilities plus shareholders’ equity.
B. assets plus liabilities with shareholders’ equity.
C. assets plus shareholders’ equity with liabilities.
D. assets with liabilities minus shareholders’ equity.
E. assets with shareholders’ equity minus liabilities.

40. To maintain the balance sheet equality, it is necessary to report every event and transaction in a dual
manner. If a transaction results in an increase in the left hand side of the balance sheet, dual transactions
recording requires that which of the following must occur, to maintain the balance sheet equation?
A. decrease another asset
B. increase a liability
C. increase shareholders equity
D. all of the above will maintain the balance sheet equation
E. none of the above
41. A detailed system of accounts allows the preparer of financial statements to decompose,
or , each transaction to convey information about the effects of the transaction.
A. mixup
B. disaggregate
C. aggregate
D. share
E. combine
42. To maintain balance sheet equality, it is necessary to report every event and transaction in a dual manner. If
a transaction results in an increase in a Liability account, then which of the following must occur, to maintain
the balance sheet equation?
A. decrease another liability.
B. decrease shareholders’ equity.
C. increase an asset.
D. all of the above will maintain the balance sheet equation
43. T-accounts
A. summarize the effects of transactions on specific accounts.
B. show all the accounts affected by a single event or transaction.
C. provide a record of transactions.
D. all of the above
44. A T-account is a device or convention for organizing and accumulating the accounting entries of
transactions that affect an individual account. Which of the following is/are true?
A. Increases in assets appear on the left side, and decreases in assets appear on the right side of T-accounts.
B. Increases in liabilities appear on the right side, and decreases in liabilities appear on the left side of
T-accounts.
C. Increases in shareholders’ equity appear on the right side, and decreases in shareholders’ equity appear on
the left side of T-accounts
D. all of the above are true
E. none of the above are true

45. Brice Foods Group, a European food retailer that operates supermarkets in seven countries, engaged in the
following transaction during 2013: purchased and received inventory costing €500 million on account from
various suppliers. Indicate the effects of the transaction on the balance sheet equation. Brice Foods Group
applies IFRS, and reports its results in millions of euros.
A. Assets + €500 million; Liabilities + €500 million
B. Assets + €500 million; Shareholders’ Equity + €500 million
C. Liabilities + €500 million; Shareholders’ Equity + €500 million
D. Liabilities + €500 million; Shareholders’ Equity - €500 million
E. Assets + €500 million; Shareholders’ Equity - €500 million
46. Composite, Inc., a firm specializing in building materials, engaged in the following transaction during
2013: issued 2,000 shares of common stock for $7,500 million in cash. Indicate the effects of the transaction
on the balance sheet equation. (Composite Inc. applies U.S. GAAP financial reporting standards, and reports its
results in millions of dollars.)
A. Liabilities +$7,500 million; Shareholders’ Equity -$7,500 million
B. Liabilities +$7,500 million; Shareholders’ Equity +$7,500 million
C. Assets +$7,500 million ; Liabilities +$7,500 million
D. Assets +$7,500 million ; Shareholders’ Equity +$7,500 million
E. Assets -$7,500 million ; Liabilities -$7,500 million
47. The equation that describes the relationship between the balance sheet and the income statement through the
Retained Earnings account is as follows:
A. Retained Earnings (beginning) - Net Income = Retained Earnings (ending)
B. Retained Earnings (beginning) + Net Income + Dividends = Retained Earnings (ending)
C. Retained Earnings (beginning) - Net Income - Dividends = Retained Earnings (ending)
D. Retained Earnings (beginning) - Net Income + Dividends = Retained Earnings (ending)
E. Retained Earnings (beginning) + Net Income - Dividends = Retained Earnings (ending)
48. Any single event or transaction will have which of the following effect(s) on the balance sheet?
A. It increases an asset and increases either a liability or shareholders’ equity.
B. It decreases an asset and decreases either a liability or shareholders’ equity.
C. It increases one asset and decreases another asset.
D. It increases one liability or shareholders’ equity and decreases another liability or shareholders’ equity.
E. all of the above
49. Which of the following is/are true regarding the T-account?
A. Actual practice does not use this form of the account, except perhaps for memoranda or preliminary analyses
B. looks like the letter T, with a horizontal line bisected by a vertical line.
C. satisfies the requirement of an account and is easy to use.
D. all of the above

50. Which of the following is/are true regarding the T-account?
A. the name or title of the account appears on the horizontal line.
B. dates and other information can appear in T-accounts.
C. one side of the space formed by the vertical line records increases in the item and the other side records
decreases.
D. all of the above
51. Which of the following is/are true regarding T-accounts?
A. for each transaction, the amount entered on the left side of (or debited to) the accounts for each transaction
equals the amount entered on the right side of (or credited to) the accounts.
B. recording equal amounts of debits and credits for each transaction ensures that the balance sheet equation
will always balance.
C. one side of the space formed by the vertical line records increases in the item and the other side records
decreases.
D. all of the above
52. Horton Company reports the following:
Contributed Capital $ 200
Total Revenues $ 800
Total Liabilities $1,200
Beginning Retained Earnings ($ 100)
Total Expenses $ 500
Dividends $ 0
What are Total Assets?
A. $2,600
B. $1,600
C. $1,400
D. $1,000
E. $800
53. Conrad Company reports the following:
Total Assets $800
Contributed Capital $300
Total Revenues $600
Beginning Retained Earnings $200
Total Expenses $700
Dividends $100

What are Total liabilities?
A. $600
B. $500
C. $400
D. $300
E. $200
54. The accounting system uses a device called an account. An account
A. is created each time a transaction takes place.
B. accumulates the increases and decreases that occur during the period for a single item.
C. is created only for income statement items.
D. is created only for balance sheet items.
E. is created only for statement of cash flows items.
55. Marianne Company reports the following:
Total Assets $1,200
Total Revenues $ 800
Total Liabilities $ 500
Beginning Retained Earnings $ 200
Total Expenses $ 400
Dividends $ 0
What is Contributed Capital?
A. $300
B. $200
C. $100
D. $0
E. $400
56. Journal entries
A. show all the accounts affected by a single event or transaction.
B. provide a record of transactions.
C. have the characteristics presented in choices a and b.
D. summarize the effects of transactions on specific accounts.
57. Temporary accounts are for recording
A. revenues and expenses.
B. assets.
C. liabilities.
D. shareholders’ equity.
E. assets, liabilities, and shareholders’ equity.

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58. Current assets are expected to be converted to cash within
A. a week.
B. a month.
C. a quarter.
D. a year.
E. two years.
59. Noncurrent assets are expected to be converted to cash over
A. a month.
B. a quarter.
C. a half of a year.
D. a year.
E. a period of time greater than a year.
60. Retained Earnings measures the cumulative excess of for the life of a firm
A. dividends over net income
B. net income over dividends
C. assets over liabilities
D. liabilities over shareholders’ equity
E. shareholders’ equity over liabilities
61. accounts provide disaggregated information concerning the net amount of an asset, liability, or
shareholders' equity item. Note that the use of such accounts does not affect the total of assets, liabilities,
shareholders' equity, revenues, or expenses, but only the balances in various accounts that comprise the totals
for these items.
A. Reversing
B. Temporary
C. Contra
D. Closing
E. None of the above
62. Benezra S.A., a large Brazilian petrochemical company, reported a balance of R$1,600 million in Accounts
Receivable at the beginning of 2013 and R$1,500 million at the end of 2013. Its income statement reported total
Sales Revenue of R$12,000 million for 2013. Assuming that Benezra makes all sales on account, compute the
amount of cash collected from customers during 2013. Benezra applies Brazilian accounting standards, and
reports its results in thousands of reals (R$), the Brazilian currency. (In answering this question, assume that
Benezra uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)
A. 12,000
B. 11,900
C. 12,100
D. 13,600
E. 13,500

63. Skyway Company, a U.S. airplane manufacturer, reported a balance of $8,100 million in Inventory at the
beginning of 2013 and $9,600 million at the end of 2013. Its income statement reported Cost of Products Sold
of $45,400 million for 2013. Compute the cost of inventory either purchased or manufactured during 2013.
(Skyway Company applies U.S. GAAP, and reports its results in millions of U.S. dollars.)
A. $49,500 million
B. $39,900 million
C. $46,900 million
D. $39,900 million
64. C-Swiss, a Swedish firm specializing in communication networks, reported a balance in Inventories of
SEK21,500 million at the beginning of 2013 and SEK22,500 million at the end of 2013. During 2013, C-Swiss
reported SEK114,100 million in Cost of Sales. How much was C-Swisss’ inventory purchases during
2013? [Assume that all of C-Swisss’ inventory purchases are made on account and C-Swiss applies IFRS, as
well as reports its results in millions of Swedish kronor (SEK).]
A. SEK115,300 million
B. SEK115,200 million
C. SEK115,100 million
D. SEK113,100 million
65. Ying Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of ¥3,700
million at the beginning of 2013 and ¥14,300 million at the end of 2013. Net income before income taxes for
2013 totaled ¥73,000 million. Assume that the firm is subject to an income tax rate of 43%. Compute the
amount of cash payments made for income taxes during 2013. (Ying Corporation applies Japanese accounting
standards, and reports its results in millions of yen (¥). In answering this question, assume that Ying
Corporation uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)
A. ¥10,600 million
B. ¥17,090 million
C. ¥20,790 million
D. ¥73,000 million
66. Energy Corporation, a U.S. diversified power management company, reported a balance in Retained
Earnings of $2,800 million at the beginning of 2013 and $3,300 million at the end of 2013. Based on Energy
Corporation’s financial reports for fiscal 2013, it reported dividends declared and paid of $250 million for 2013.
Compute the amount of net income for 2013. (Energy Corporation applies U.S. GAAP, and reports its results in
millions of U.S. dollars.)
A. -$250 million
B. $250 million
C. $550 million
D. $750 million

67. On December 31, 2013, the Merchandise Inventories account of the Japanese electronics firm Flower
Limited (Flower) had a balance of ¥408,700 million, based on Flower’s financial reports for fiscal 2013.
Assume that during 2014, Flower purchased merchandise inventories on account for ¥1,456,400 million. On
December 31, 2014, it finds that merchandise inventory on hand is ¥412,400 million. Select the correct journal
entries to account for all changes in the Inventories during 2014. (Flower applies Japanese accounting
standards, and reports its results in millions of yen (¥). In answering this question, assume that Flower uses
either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.)
A. Cost of Goods Sold ¥1,452,700 million
Merchandise Inventories ¥1,452,700 million
B. Merchandise Inventories ¥1,452,700 million
Cost of Goods Sold ¥1,452,700 million
C. Cost of Goods Sold ¥1,449,000 million
Merchandise Inventories ¥1,449,000 million
D. Merchandise Inventories ¥1,449,000 million
Cost of Goods Sold ¥1,449,000 million
68. Klothing Company, a U.S. clothing designer, manufacturer, and retailer, reported a balance in prepaid
insurance of $90.7 million, based on its financial reports dated March 31, 2013, the end of its fiscal year.
Assume that of this balance, $24 million relates to an insurance policy with two remaining months of coverage.
Select the correct journal entries that Klothing would make on April 30, 2013 (Assume that the firm closes its
books monthly. Klothing applies U.S. GAAP, and reports its results in millions of U.S. dollars.)
A. Insurance Expense $ 24 million
Prepaid Insurance $24 million
B. Prepaid Insurance $24 million
Insurance Expense $24 million
C. Insurance Expense $12 million
Prepaid Insurance $12 million
D. Prepaid Insurance $12 million
Insurance Expense $12 million

69. ABC Group (ABC), headquartered in Switzerland, is one of the world’s largest engineering companies.
ABC applies U.S. GAAP, and reports its results in millions of U.S. dollars. Based on ABC’s financial reports
for fiscal 2013, at January 1, 2013, ABC reported a balance in its Prepaid Rent account of $247 million; assume
that this amount reflects its prepayments of rent on factory and office space for the next month. Assume also
that on January 31, 2013, ABC paid $3,200 million as the annual rent for the period from February 1, 2013, to
January 31, 2014. ABC has a calendar year reporting period. Select the correct journal entries that ABC Group
would make during January 2013 that affect the Prepaid Rent account.
A. Rent Expense $3,200 million
Cash $3,200 million
Prepaid Rent $247 million
Rent Expense $247 million
B. Rent Expense $3,200 million
Prepaid Rent $3,200 million
Cash $247 million
C. Rent Expense $3,200 million
Cash $247 million
D. Rent Expense $247 million
Cash $3,200 million

70. Tokyo Motor Company (Tokyo), a Japanese car manufacturer, reported Sales of Products of ¥22,670 billion
for the year ended March 31, 2014. The Cost of Products Sold was ¥18,356 billion. Assume that Tokyo made
all sales on credit. Select the correct journal entries that Tokyo made during the fiscal year ended March 31,
2014, related to these transactions. [Tokyo applies U.S. GAAP, and reports its results in millions of yen (¥).]
A. Accounts Receivable ¥22,670 billion
Inventories ¥22,670 billion
Cost of Goods Sold ¥18,356 billion
Revenues ¥18,356 billion
B. Accounts Receivable ¥18,356 billion
C. Accounts Receivable ¥18,356 billion
D. Accounts Receivable ¥22,670 billion
71. Under U.S. GAAP, assets and liabilities in the balance sheet appear in order of
A. decreasing closeness-to-cash.
B. increasing closeness-to-cash.
C. alphabetical order.
D. numerical order.
E. all of the above.
72. Under IFRS, assets and liabilities in the statement of financial position appear in order of
A. decreasing closeness-to-cash.
B. increasing closeness-to-cash.
C. alphabetical order.
D. numerical order.
E. all of the above.
73. The first step in the accounting record-keeping process is:
A. recording each transaction in a file or other record in the form of a journal entry.
B. posting the amounts from the journal entries to individual balance sheet and income statement accounts in a
general ledger.
C. making adjusting journal entries to the accounts to correct errors and to reflect the financial statement
impacts of items that occur because of usage or the passage of time.
D. preparing the income statement for the period from amounts in the income statement accounts.
E. preparing the balance sheet from amounts in the balance sheet accounts.

74. Assets are classified as current for reporting purposes when
A. shares of common stock in a company's important supplier are acquired to ensure continued availability of
raw materials.
B. shares of common stock in another company are acquired to diversify operations.
C. expenditures are made in developing new technologies or advertising products.
D. they are reasonably expected to be turned into cash or to be sold or consumed during the normal operating
cycle of the business.
E. they are reasonably expected to be turned into cash or to be sold or consumed within the next three years.
75. Before preparing the balance sheet and income statement, an accountant would use what accounting record
to first record the firm's transactions?
A. the trial balance
B. the adjusting entry
C. the general ledger
D. the subsidiary ledger
E. the journal
76. Current liabilities
A. are obligations that a firm expects to pay or discharge during the normal operating cycle of the firm, usually
one year.
B. include liabilities to merchandise suppliers, employees, and governmental units.
C. include notes and bonds payable to the extent that they will require the use of current assets within the next
year.
D. include all of the above.
E. None of the above answers is correct.
77. If a corporation issues 1,000 shares of $1 par value common stock at $5 per share, how should the
transaction be accounted for?
A. debit cash for $5,000 and credit common stock for $5,000
B. debit cash for $5,000 and credit common stock for $1,000 and credit additional paid-in capital for $4,000
C. debit cash for $5,000 and credit common stock for $1,000 and credit retained earnings for $4,000
D. credit cash for $5,000 and debit common stock for $5,000
E. debit common stock for $1,000 and debit retained earnings for $4,000 and credit cash for $5,000

78. T-accounts are frequently used in textbooks, demonstration problems, and examinations to accumulate
information about the effects of business transactions on individual balance sheet accounts and to prepare the
balance sheet. Alternatively, to accomplish the same objectives, some instructors and students might prefer to
use
A. a computer spreadsheet program.
B. P-accounts, only.
C. a single-entry bookkeeping system.
D. P&L-accounts.
E. L-accounts, only.
79. Prepaid assets are valued on the balance sheet at
A. cost paid to acquire the asset.
B. acquisition cost less accumulated depreciation.
C. cost less expired portion.
D. replacement cost.
E. present value of future cash flows.
80. On April 1, Year 1, Colonial Bookstore bought an insurance policy costing $24,000 that would insure the
retail building for two years against fire loss. What asset account and what amount are recorded on the balance
sheet at December 31, Year 1?
A. Prepaid Insurance, $15,000
B. Insurance Expense, $15,000
C. Prepaid Insurance, $9,000
D. Insurance Expense, $9,000
E. Prepaid Insurance, $12,000
81. What (other than a transactions spreadsheet ) serves the function of accumulating information about the
effect of business transactions on each balance sheet and income statement account?
A. Journals
B. P&L-accounts
C. T-accounts
D. Subsidiary Ledgers
E. Library
82. What does the word “marketable” imply as far as “marketable securities”?
A. It implies that the securities should be classified as a temporary account.
B. It implies that a firm owes money on the securities.
C. It implies that the securities are considered to be goodwill.
D. It implies that the firm can readily buy and sell the securities on an exchange.
E. It implies that the firm has signed a formal written contract called an indenture.

83. Which of the following is false regarding a merchandising firm?
A. A merchandising firm purchases inventory for resale.
B. A merchandising firm does not change the physical form of the inventory.
C. A merchandising firm performs no incremental work on the inventory.
D. A merchandising firm adds nothing to the acquisition cost of the inventory after it is purchased.
E. None of the above are false regarding a merchandising firm.
84. Which of the following is/are not true regarding a merchandising firm?
A. Inventory appears on the merchandiser’s balance sheet initially as an asset.
B. Inventory for a merchandiser is measured at acquisition cost.
C. When a sale takes place, the merchandising firm recognizes the cost of the inventory as an expense (cost of
goods sold) on the income statement.
D. When a sale takes place, the merchandising firm recognizes the inventory reduction on the statement of cash
flows.
E. All of the above are false regarding a merchandising firm.
85. For manufacturing firms, the balance sheet reports the costs of incomplete items as
A. Raw Materials Inventory.
B. Work-in-Process Inventory.
C. Finished Goods Inventory.
D. Cost of goods ready for sale.
86. Solve for the unknown item for each of the following independent situations.
Total assets
CASE A
A
CASE B
400
CASE C
600
Contributed capital 100 150 C
Total revenues 400 300 400
Total liabilities 600 B 250
Beginning retained earnings (50) 100 100
Total expenses 250 350 200
Dividends 0 50 0

87. The transactions listed below relate to Mountain Corporation. Indicate whether or not each transaction
immediately gives rise to an asset or liability of Mountain Corporation under generally accepted accounting
principles. If accounting recognizes an asset or a liability, give the account title and amount.
a. Mountain Corporation signs a 3-year employment contract with Robert Lindsey, the chief financial officer, for $375,000.
b. Mountain Corporation sends a check for $2,400 for two years' property insurance coverage beginning next month that would normally cost
$2,000 for a one-year policy.
c. The firm paid $250 for one-year subscriptions to ski magazines. None of the magazines have been received to date. In addition, it will cost
the publisher $100 to fulfill the subscription commitment.
d. The firm acquires inventory with a list price of $2,000, at a 3% discount for cash payment. The firm treats cash discounts as a reduction of
acquisition cost.
e. The firm agrees to purchase 25,000 units of inventory from a supplier over the next 3 years at an agreed cost of $4/unit.
88. Culinary Delites, a European food retailer engaged in the following three transactions during 2013: (1)
purchased and received inventory costing €978 million on account from various suppliers; (2) returned
inventory costing €57 million because of damage that occurred during shipment; (3) paid the various suppliers
the total amount due. Indicate the effects of each of these three transactions on the balance sheet equation.
Culinary Delites applies IFRS and reports its results in millions of euros (€).

89. Supplies and More, a firm specializing in building materials, engaged in the following four transactions
during 2014:
(1) purchased and received inventory costing $18,600 million, of which $12,000 million was on account with
the rest paid in cash;
(2) purchased a machine for $4,800 million with cash;
(3) issued 2,000 shares of common stock for $6,000 million in cash;
(4) issued shares of common stock to its suppliers for the remaining amount due on purchases of inventory.
REQUIRED:
Indicate the effects of each of these four transactions on the balance sheet equation. Supplies and More applies
U.S. GAAP financial reporting standards and reports its results in millions of U.S. dollars ($).
90. Complete the shareholders' equity section for each of the following independent situations.
Common stock, 10,000 shares
CASE A
A
CASE B
C
CASE C
E
Additional paid-in capital 25,000 D 30,000
Retained earnings 45,000 25,000 20,000
Total shareholders' equity 80,000 100,000 F
Par value per share B 1.50 2.50
91. Indicate the effects of the following transactions on the balance sheet equation, using the format:
Transaction letter Assets = Liabilities + Shareholders' equity

a. Issued 20,000 shares of $0.10 par value common stock for $100,000.
b. Issued 5,000 shares of $0.10 par value common stock in full payment for land worth $25,000 to be used as a future building site.
c. Acquired equipment costing $7,500 for a cash payment of $700 with the balance payable over the next five years.
d. Paid $1,000 for rent for the next two months.
e. Completed a consulting job and invoiced the client for $5,000, payable in 30 days.
f. Ordered office supplies for the office, totaling $225.
g. Purchased a three-year fire insurance policy and pays in advance $3,000.
h. Received payment from the client for services rendered in (e) above.
i. Received the office supplies. The invoice indicates payment is due within 10 days.
j. Issued a check for the office supplies purchased in (i) above.
92. In European countries, terminology on financial statements sometimes differs from terminology commonly
used in the United States. Match the European terms to commonly used United States counterparts.
Common European Term Common U.S. Term
a. Tangible Fixed Asset 1. Property, Plant, and Equipment
b. Financial Assets 2. Common Stock
c. Trade Receivables 3. Additional Paid-in Capital
d. Liquid Funds 4. Investment in Securities
e. Subscribed Capital 5. Retained Earnings
f. Capital Reserve 6. Accounts Payable
g. Profit Reserves, Net Income 7. Accounts Receivable
Available for Distributions 8. Notes Payable to Banks
h. Bonds 9. Bonds Payable
i. Due to Banks 10. Cash
j. Trade Payables

93. The transactions listed below relate to the JB Corporation. Indicate whether or not each transaction
immediately gives rise to an asset or liability of JB Corporation under generally accepted accounting principles.
If accounting recognizes an asset or a liability, give the account title and amount.
a. JB Corporation issues $1 par value common stock for $10,000,000, its market value.
b. JB Corporation purchases a machine for $20,000, freight of $675, and installation costs of $1,500.
c. JB Corporation owes $5,000 for utilities at the end of the year. The firm has 10 days before payment is due without paying a late fee.
d. JB Corporation receives a 30-day, 10% loan of $10,000 from a local bank.
e. JB Corporation acquires property with an appraised value of $2,000,000 for its stock.
f. JB Corporation receives an order for merchandise totaling $5,000 from a customer. The merchandise will be shipped next week.
94. Collette and Cohen incorporate as CC Designs, Inc. on January 1, Year 1. CC Designs creates custom wall
finishes and sells painting products. The following transactions occur during January.
a. Cohen contributes cash of $75,000 and receives 15,000 shares of $1 par value stock.
b. Collette contributes $35,000 cash, office furniture with a value of $5,000, and computer equipment with a value of $10,000 and receives
15,000 shares of $1 par value stock. The furniture and equipment is expected to last 5 years and has no salvage value.
c. On January 2, $10,000 of painting products are purchased. CC paid $8,000 cash with the remaining amount on account.
d. During January, painting products are sold for $8,000 cash. The cost of the products is $2,000.
e. Additional painting products with a value of $5,000 are sold, with a cost of $1,500, but the cash is not collected as of January 31st. It is
expected that the $5,000 will be collected in full by February 15th.
f. Cohen is paid a salary of $2,000.
g. CC paid $1,200 for January and February rent.
Required:
Prepare appropriate accrual basis journal entries.

95. Monmath Corp. started operations in March of Year 3. The following transactions occur during March.
a. On March 1, Year 3, Monty contributes $20,000 for 10,000 shares of $1 par value stock.
b. On March 1, Year 3, Monmath borrows $50,000 on a note from the bank to finance the purchase of a building.
c. Monmath buys $15,000 of inventory on account (this is the gross price before any possible discounts).
d. Monmath pays a $12,000 account payable with cash.
e. Monmath paid the annual rent of $11,760.
f. Monmath pays for one half of the inventory purchased in (c) above. There are no discounts given.
g. Issued 300 shares of $1 par value stock in settlement of $300 accounts payable.
h. Received $400 from a customer for merchandise to be delivered on April 15, Year 3.
Required:
Prepare the journal entries for transactions a through h, assuming Monmath uses the accrual basis of accounting.
96. Assets are usually classified in one of following ways:
CA -current assets
PPE -property, plant, and equipment
IA -intangible asset
Using the abbreviations above, indicate the appropriate classification of each of the following items.
a. merchandise inventory
b. goodwill
c. land
d. patent
e. work-in-process inventory
f. marketable equity securities
g. trademark
h. furniture and fixtures
i. cash
j. prepaid insurance

97. A friend of yours has prepared the following balance sheet for his bicycle shop but it has a problem. He
thought his total assets did not reflect the assets available to the firm. He has asked you to take a look at this
balance sheet and help him out.
Eric's Bike Shop, Inc.
Balance Sheet
As of December 31, Year 1
Assets
Current Assets:
Cash $15,000
Merchandise Inventory 30,000
Merchandise Sold, at cost 37,500
Prepaid Insurance 1,000
Advance from Customer (1,000)
Total Current Assets $82,500
Property, Plant, and Equipment:
Equipment 8,000
Less Note Payable (5,000)
Total Assets $85,500
Liabilities and Shareholders' Equity
Current Liabilities:
Bike Sales $55,000
Accounts Payable 2,000
Accumulated Depreciation 700
Rent Payable 1,000
Total Current Liabilities $58,700
Shareholders' Equity:
Common Stock 1,000 shares at $10 par value $10,000
Additional Paid-in Capital 7,500
Retained Earnings 9,300
Total Shareholders' Equity $26,800
Total Liabilities and Shareholders' Equity $85,500
Required:
a. Prepare a corrected balance sheet for Eric's Bike Shop, Inc.
b. Draft a memo to Eric explaining the errors you corrected. Include your reasons.

98. Prepare journal entries for each of the following unrelated transactions. You may omit explanations for the
journal entries.
a. A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash.
b. A firm acquires a building with $30,000 cash and signs a 15-year note for $60,000.
c. A firm buys inventory for $980 cash.
d. A firm pays $8,000 to its landlord for annual rent.
e. A publisher sells $3,000 in magazine subscriptions that will be filled over the next 12 months.
99. You've been asked to review the following balance sheet which has been prepared by a new staff member.
Calvin Springs Outfitters
Balance Sheet
As of December 31, Year 1
Assets
Current Assets:
Cash $ 7,500
Accounts Receivable 14,000
Merchandise Inventory 25,000
Land 9,000
Total Current Assets $ 46,500
Property, Plant, and Equipment:
Building $125,000
Total Assets $180,500
Liabilities and Shareholders' Equity
Current Liabilities:
Advance from Customer $ 500
Accounts Payable 21,000
Rent Payable 3,600
Utilities Payable 1,200
Salaries Payable 1,800
Total Current Liabilities $ 28,100
Shareholders' Equity:
Common Stock 2,000 shares at $2.50 par value $ 5,000
Additional Paid-in Capital 85,000
Retained Earnings 62,400
Total Shareholders' Equity $152,400
Total Liabilities and Shareholders' Equity $180,500

a. Prepare
the
journal
entries
for the
followi
ng
transact
ions:
1. Merchandise purchased on account and costing $5,000 was received but not recorded.
2. Payments by clients for previously billed invoices were found in the receptionist's desk drawer. The checks totaled $2,100.
3. Written checks totaling $2,700 for payment of accounts payable, were found in the treasurer's desk drawer. He was going to mail
them out next Monday.
4. It was discovered that the company president had hired a new secretary for an annual salary of $18,250.
5. Upon further investigation, you found that the company had paid but incorrectly recorded next year's fire insurance policy,
totaling $3,600. The payment was recorded as an expense.
b. Prepare
a
correct
ed
balance
sheet.

100. Express the following transactions of Forman's Store, Inc., in journal entry form. If an entry is not
required, indicate the reason. You may omit explanations for the journal entries.
The store:
(1) Receives $35,000 from John Forman in return for 1,000 shares of the firm’s $35 par
value common stock.
(2) Gives a 60-day, 8% note to a bank and receives $8,000 cash from the bank.
(3) Rents a building and pays the annual rental of $11,000 in advance.
(4) Acquires display equipment costing $7,000 and issues a check in full payment.
(5) Acquires merchandise inventory costing $22,000. The firm issues a check for $12,000,
with the remainder payable in 30 days.
(6) Signs a contract with a nearby restaurant under which the restaurant agrees to purchase
$1,500 of groceries each week. The firm receives a check for the first two weeks’
orders in advance.
(7) Obtains a fire insurance policy providing $50,000 coverage beginning next month. It
pays the one-year premium of $1,440.
(8) Pays $625 for advertisements that will appear in newspapers next month.
(9) Places an order with suppliers for $43,500 of merchandise to be delivered next month.
101. Assume that a firm uses the accrual basis of accounting. Indicate the amount of expense the firm
recognizes during the month of November for each independent transaction.
a. Rent of $3,600 is paid on November 1 for the months November through January.
b. Inventory costing $2,500 is ordered on account. The invoice is received on November 25 and the goods are
received on December 5.
c. Insurance premium of $900 is paid for a full year of coverage starting November 1.
d. On December 3, an invoice for November utilities of $325 is received.
e. On November 1, supplies costing $2,200 are purchased. At November 30, $500 of supplies remained on
hand.

102. Describe T-accounts and how they are used.
103. Explain the terms debit and credit. In your discussion, also present the debit and credit rules that are
critical for maintaining T-accounts, as well as the equality of the balance sheet.
104. Why does every accounting transaction have two effects?
105. What is the relationship between a T-account and a journal entry?

106. Describe the balance sheet equation and the dual effects of transactions.
107. Describe a typical balance sheet.
108. What is the purpose of using contra accounts? What is the alternative to using them?
109. What distinguishes noncurrent assets from current assets?

110. Explain the difference between inventories for a retailer versus a manufacturer.
111. What is goodwill and how is it classified in terms of the accounting equation?
112. Explain the order of assets and liabilities in the balance sheet under U.S. GAAP and IFRS.
113. Explain how tenants record rent paid in advance for an office building and how a landlord or owner of the
property rented records the receipt of the advance payment. Show journal entries as part of your answer.

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their just rights. The only fault I find with the Constitution is, it is not
broad enough to cover the whole ground.
Although it provides that all men shall enjoy religious freedom, yet it
does not provide the manner by which that freedom can be preserved,
nor for the punishment of Government officers who refuse to protect
the people in their religious rights, or punish those mobs, states, or
communities who interfere with the rights of the people on account of
their religion. Its sentiments are good, but it provides no means of
enforcing them. It has but this one fault. Under its provision, a man or
a people who are able to protect themselves can get along well enough;
but those who have the misfortune to be weak or unpopular are left to
the merciless rage of popular fury.
The Constitution should contain a provision that every officer of the
Government who should neglect or refuse to extend the protection
guaranteed in the Constitution should be subject to capital punishment;
and then the president of the United States would not say, "Your cause
is just, but I can do nothing for you," a governor issue exterminating
orders, or judges say, "The men ought to have the protection of law,
but it won't please the mob; the men must die, anyhow, to satisfy the
clamor of the rabble; they must be hung, or Missouri be damned to all
eternity." Executive writs could be issued when they ought to be, and
not be made instruments of cruelty to oppress the innocent, and
persecute men whose religion is unpopular.
I cannot believe in any of the creeds of the different denominations,
because they all have some things in them I cannot subscribe to,
though all of them have some truth. I want to come up into the
presence of God, and learn all things; but the creeds set up stakes, and
say, "Hitherto shalt thou come, and no further;" which I cannot
subscribe to.
I believe the Bible as it read when it came from the pen of the original
writers. Ignorant translators, careless transcribers, or designing and
corrupt priests have committed many errors. As it read, Gen. VI:6, "It
repented the Lord that he had made man on the earth;" also, Num.
XXIII:19, "God is not a man, that he should lie, neither the Son of

man, that he should repent;" which I do not believe. But it ought to
read, "It repented Noah that God made man." This I believe, and then
the other quotation stands fair. If any man will prove to me, by one
passage of Holy Writ, one item I believe to be false, I will renounce
and disclaim it as far as I promulged it.
The first principles of the Gospel, as I believe, are, faith, repentance,
baptism for the remission of sins, with the promise of the Holy Ghost.
Look at Heb. VI:1 for contradictions—"Therefore leaving the
principles of the doctrine of Christ, let us go on unto perfection." If a
man leaves the principles of the doctrine of Christ, how can he be
saved in the principles? This is a contradiction. I don't believe it. I will
render it as it should be—"Therefore not leaving the principles of the
doctrine of Christ, let us go on unto perfection, not laying again the
foundation of repentance from dead works, and of faith toward God, of
the doctrine of baptisms, and of laying on of hands, and of resurrection
of the dead, and of eternal judgment."
It is one thing to see the kingdom of God, and another thing to enter
into it. We must have a change of heart to see the kingdom of God, and
subscribe the articles of adoption to enter therein.
No man can receive the Holy Ghost without receiving revelations. The
Holy Ghost is a revelator.
I prophesy, in the name of the Lord God of Israel, anguish and wrath
and tribulation and the withdrawing of the Spirit of God from the earth
await this generation, until they are visited with utter desolation. This
generation is as corrupt as the generation of the Jews that crucified
Christ; and if He were here to-day, and should preach the same
doctrine He did then, they would put Him to death. I defy all the world
to destroy the work of God; and I prophesy they never will have power
to kill me till my work is accomplished, and I am ready to die.
I will now speak a little on the economy of this city. I think there are
too many merchants among you. I would like to see more wool and
raw materials instead of manufactured goods, and the money be

brought here to pay the poor for manufacturing goods. Set our women
to work, and stop their spinning street yarns and talking about spiritual
wives.
Instead of going abroad to buy goods, lay your money out in the
country, and buy grain, cattle, flax, wool, and work it up yourselves.
I proclaim, in the name of the Lord God Almighty, that I will
fellowship nothing in the Church but virtue, integrity, and uprightness.
We cannot build up a city on merchandise. I would not run after the
merchants. I would sow a little flax, if I had but a garden spot, and
make clothing of it.
The temporal economy of this people should be to establish and
encourage manufactures, and not to take usury for their money. I do
not want to bind the poor here to starve. Go out into the country and
into the neighbouring cities, and get food, and gird up your loins, and
be sober. When you get food, return, if you have a mind to.
Some say it is better to give to the poor than build the Temple. The
building of the Temple has sustained the poor who were driven from
Missouri, and kept them from starving; and it has been the best means
for this object which could be devised.
Oh, all ye rich men of the Latter-day Saints from abroad, I would
invite you to bring up some of your money—your gold, your silver,
and your precious things, and give to the Temple. We want iron, steel,
spades, and quarrying and mechanical tools.
It would be a good plan to get up a forge to manufacture iron, and
bring in raw materials of every variety, and erect manufacturing
establishments of all kinds, and surround the rapids with mills and
machinery.
I never stole the value of a pin's head, or a picayune in my life; and
when you are hungry don't steal. Come to me, and I will feed you.

The Prophet's
Visit to
Macedonia.
The secret of masonry is to keep a secret. It is good economy to
entertain strangers—to entertain sectarians. Come up to Nauvoo, ye
sectarian priests of the everlasting Gospel, as they call it, and you shall
have my pulpit all day.
Woe to ye rich men, who refuse to give to the poor, and then come and
ask me for bread. Away with all your meanness, and be liberal. We
need purging, purifying and cleansing. You that have little faith in your
Elders when you are sick, get some little simple remedy in the first
stages. If you send for a doctor at all, send in the first stages.
All ye doctors who are fools, not well read, and do not understand the
human constitution, stop your practice. And all ye lawyers who have
no business, only as you hatch it up, would to God you would go to
work or run away!"
Monday, 16.—At home nearly all day, attending to family concerns.
Went to municipal court, and adjourned hearing of the case[1]
to the 17th.
Tuesday, 17.—Went to municipal court. The prosecutor not appearing, court
ordered that the prisoner be discharged.
Wednesday, 18.—Pleasant and comfortable day.
Fifteen deaths have occurred during the past week in the city.
Thursday, 19.—Warm and pleasant day. The water has risen
about two feet in the Mississippi, and is still rising.
About noon, started for Macedonia, in company with Brother
William Clayton. Arrived there about sundown, and I stayed
at Brother Benjamin F. Johnson's for the night.
Friday, 20.—In the evening I gave instructions to Benjamin F. Johnson and
others in relation to the blessings of the everlasting covenant and the
sealings of the Priesthood.

Labors of
Apostles in the
East.
Elder John P. Greene returned from a Mission to the State of New York,
with about 100 emigrants, some of them from Pennsylvania, who joined his
company on the way.
Warm, smoky day, with strong wind, very dark evening.
Saturday, 21.—We left Macedonia, and arrived home about two p.m.
Pleasant cool day.
Sunday, 22.—Meeting at the stand. Elder Rigdon preached half-an hour on
"Poor Rich Folks."
I remained at home all day, and held a prayer-meeting at my house at two,
p.m.; twenty-four persons present.
Elders Young, Kimball, and George A. Smith returned from
their mission to the Eastern States, having, in connection with
Elders Orson Pratt and Wilford Woodruff, visited the branches
in Kentucky, Ohio, Pennsylvania, New Jersey, New York,
Connecticut, Massachusetts, Rhode Island, New Hampshire,
and Maine; held conferences, set in order the churches collected tithings for
the Temple and subscriptions for the Nauvoo House, baptized many, and
stirred up a general system of gathering among the Saints in the Eastern
countries. They have been absent nearly four months, and have
accomplished a good work. I was very glad to see them, and blessed them
in the name of the Lord. Elders Daniel Spencer and Bradford Elliot also
returned from their missions, and quite a respectable number of Saints came
in their company.
Pleasant, cool day.
Monday, 23.—Those of the Twelve who returned from the East yesterday
visited me through the day, and paid over the means they had received for
the Temple and the Nauvoo House. I immediately gave directions to send to
St. Louis for groceries and different articles necessary for the Temple and
the workmen thereon.

Hyrum Smith
Appointed on
Temple
Committee.
This morning President Hyrum Smith entered upon the duties
of his office, having previously been appointed by the voice
of the Spirit to supply the place of the late Elias Higbee,
deceased, as one of the Temple Committee. On his arrival at
the Temple he was greeted by a hearty welcome from those
engaged on the works, and the universal feeling is that great
good will result from this appointment.
The day cloudy, with strong east wind.
Tuesday, 24.—William W. Phelps and Colonel Dunham started for
Springfield to see the Governor, and endeavor to obtain from him the quota
of State arms which belong to the Legion.
Morning warm and pleasant; afternoon wind west by north. At four, a little
rain, accompanied by snow, for the first time this fall.
Wednesday, 25.—Ice one-third of an inch thick on small bodies of water.
Cloudy and cold day.
In the evening settled the taxes for the Temple and Nauvoo House.
Eleven deaths in the city reported this week.
Friday, 27.—I was at home and received a visit from Bishop George Miller
and Elder Peter Haws, who have just returned from their trip to Mississippi
and Alabama.
Many emigrants have arrived in Nauvoo the last few weeks.
Prayer-meeting at my house in the evening.
Saturday, 28.—Cold east wind. At home all day.
Sunday, 29.—Meeting at the stand, south side of the Temple, from eleven,
a.m. to two, p.m. Elders Brigham Young and John Taylor preached. Dr.
Willard Richards called for a collection of $8, to buy a new book in which
to record history, which sum was made up.

At nine, a.m., Elders Richards, Miller and Haws ordained William C.
Steffey (who was going to Texas on business,) an Elder.
Two, p.m., prayer-meeting in my house; twenty-five present. I gave
instructions on the priesthood.
Monday, 30.—At nine, a.m., went to mayor's court, and adjourned it for one
week.
Twelve, noon, attended a court in the office, when the parties agreed to
leave their difficulty to be settled by the arbitration of Brother Flagg.
I received $300 from Brother Spencer, and immediately paid it to Dr.
Robert D. Foster.
On account of the cold weather, most of the masons have discontinued the
work on the Temple.
Tuesday, 31.—At nine, a.m., Mr. Moore was brought before me for a breach
of city ordinance, which was proved, and I fined him $5.
I rode out with Hyrum in the carriage to the prairie, returning about three,
p.m. Snow on the ground this morning; cold east wind, and rain all day.
Wednesday, November 1, 1843.—In the evening there was a prayer-meeting
in the mansion; twenty-nine present.
Thursday, 2.—Sitting in council with Hyrum, Brigham Young, Heber C.
Kimball, Willard Richards, John Taylor, William Law, and William Clayton,
at ten, a.m., on the subject of the following letter from Joseph L. Heywood:
—
Letter: Joseph L. Heywood to Joseph Smith.
Quincy, October 23, 1843.
Gen. Joseph Smith.

Letters to
Candidates for
DEAR SIR,—In a conversation with Colonel Frierson, of this place, a
short time since, he expressed, in very warm terms, feelings of
sympathy for the wrongs yourself and brethren suffered in Missouri, as
well as his sense of the vindictive feelings the authorities of that State
still manifest towards you personally.
Mr. F. has not yet had the pleasure of a personal acquaintance with
yourself, although he says he had the pleasure of meeting your lady at
her sister's residence on Rock River. Mr. F. has been written by the
Hon. B. Rhett, of S. Carolina, upon the subject of the Persecution: and
Mr. F. thinks, of all men, he would be the best qualified to present a
petition in our behalf; and says, should such an arrangement meet your
approbation, he will use his influence in favor of a petition; and says
he knows of some honorable men in Missouri who, he has no doubt,
are anxious to wipe off the stain that rests upon them, by [making]
some just reparation.
I submit, by permission of Mr. F., a copy of a letter he has written to a
distinguished citizen of South Carolina, together with a circular put out
confidentially by the friends of Mr. Calhoun, of S. C., whom with my
present feelings I should cheerfully support for our next President, and
who, I have no doubt would be preferred, by the brethren to Mr. Van
Buren.
If the plan suggested of memorializing Congress should meet your
approbation, please inform me. Colonel Frierson promises his aid in
such an event, and says he would go to Nauvoo and assist in arranging
papers relative to such a step. Please accept my assurances of love and
esteem for yourself and family, and a prayer that wisdom from on high
may direct you in your deliberations.
I remain your brother in Christ,
JOS. L. HEYWOOD.
We agreed to write a letter to the five candidates for the
Presidency of the United States, to inquire what their feelings
were towards us as a people, and what their course of action

Presidency of
the U.S.
Decided upon
would be in relation to the cruelty and oppression that we
have suffered from the State of Missouri, if they were elected.
The Twelve Apostles published the following in the Times and
Seasons:—
An Epistle of the Twelve, to the Elders and Churches Abroad.
On our late mission to the Eastern States, we discovered that the
publications at Nauvoo were very little patronised by the Saints and
branches in the various sections of the country where we passed, while
the common newspapers of the day received a liberal support by those
who pretend to "hunger and thirst after righteousness." We feel
justified, therefore, in reprobating such a course as detrimental to the
general good of the whole Church, that shows a lack of charity in the
Elders.
"Do men gather grapes of thorns, or figs of thistles?"
Nauvoo at present is the seat of the First Presidency, the place of the
gathering for all Saints, and the great center of the world for pure
religion, revelation, truth, virtue, knowledge, and everything else
preparatory to the coming of the Son of Man. The best news, the best
people, and the best plan of salvation must be there. Wherefore,
Resolved unanimously that the traveling Elders are hereby instructed
to use due diligence in obtaining subscribers for the Times and Seasons
and Nauvoo Neighbor, and forward the pay by safe hands to the
publishers at Nauvoo, that the Saints and the world may receive "line
upon line and precept upon precept, here a little and there a little,"
together with such extracts of translations and revelations as the
Presidency of the Church may direct, for the edification of the whole
body of the Church in righteousness.
Done in council at Nauvoo, Nov. 2nd, 1843.
BRIGHAM YOUNG,

President of the Twelve.
WILLARD RICHARDS, Clerk.
Friday, 3rd.—I continued in council all day.
Died at sea, Elder Knowlton F. Hanks. The following extract is from a letter
of Addison Pratt, one of the Pacific Islands missionaries:—
[Under this date there is inserted in the Prophet's History a long letter
from Elder Addison Pratt of the Pacific Island mission, describing in
great detail the last illness, death and burial at sea of Elder Knowlton
F. Hanks. Elder Hanks died of consumption; and of the death the
Prophet remarks: "Elder Hanks is the first Elder who has died at sea
while on a foreign mission. He was a faithful Elder, cut off by
consumption in the flower of his days."]
Saturday, 4.—Elders Richards and Taylor were with me at the Mansion,
assisting writing letters.
Wrote to John C. Calhoun as follows:—
President Smith's Letter to John C. Calhoun, and other Presidential
Candidates.
Hon. John C. Calhoun.
DEAR SIR,—As we understand you are a candidate for the Presidency
at the next election; and as the Latter-day Saints (sometimes called
"Mormons," who now constitute a numerous class in the school politic
of this vast republic,) have been robbed of an immense amount of
property, and endured nameless sufferings by the State of Missouri,
and from her borders have been driven by force of arms, contrary to
our national covenants; and as in vain we have sought redress by all
constitutional, legal, and honorable means, in her courts, her executive
councils, and her legislative halls; and as we have petitioned Congress
to take cognizance of our sufferings without effect, we have judged it
wisdom to address you this communication, and solicit an immediate,

The Prophet
poisoned.
specific, and candid reply to "What will be your rule of action relative
to us as a people," should fortune favor your ascension to the chief
magistracy?
Most respectfully, sir, your friend,
and the friend of peace, good order,
and constitutional rights,
JOSEPH SMITH.
In behalf of the Church of Jesus Christ of Latter-day Saints.
Similar letters were written to Gen. Lewis Cass, Hon. Richard M. Johnson,
Hon. Henry Clay, and President Martin Van Buren. To Mr. Van Buren's
letter I added the following:—
Post Script to Van Buren.
Also whether your views or feelings have changed since the subject
matter of this communication was presented you in your then official
capacity at Washington, in the year 1841, and by you treated with a
coldness, indifference, and neglect, bordering on contempt.
Elder Wilford Woodruff arrived at Nauvoo with paper for the use of the
printing office.
Sunday, 5.—Rode out with mother and others for her health.
At dinner I was taken suddenly sick; went to the door and
vomited all my dinner, dislocated my jaw, and raised fresh
blood, and had many symptoms of being poisoned.
In the evening a prayer-meeting in the hall over the store.
Mr. Cole having kept a school in the hall for some time, the noise proved a
nuisance for the clerks in the history office, and I gave Dr. W. Richards

Work in the
British
Mission.
The Prophet's
Anxiety
concerning the
History of the
Church.
Preliminary
Steps to
Publish in
Nauvoo
Edition of
orders to tell Mr. Cole he must find some other room in which to teach
school, as the room is needed for councils.
Meeting at the stand. Elder Rigdon preached.
Received a letter from Reuben Hedlock, dated Liverpool,
October 16. He informs me there is a great call for preaching,
and many Elders are wanted throughout the British Isles.
Much opposition. The Saints are anxious to have the Star
continue its publication, as 1,600 copies are circulated.
Also received a letter from Hyrum Clark, giving a partial account of the
business affairs of the emigration and publishing offices.
Monday, 6.—Domestic affairs kept me busy in the morning, and in the
afternoon listened to William W. Phelps giving a relation of his visit to the
governor, which amused me.
It has been very cool for some days past.
Elder Erastus Snow arrived with a company from Massachusetts.
Tuesday, 7.—Mr. Cole moved the tables back into the hall,
when Richards and Phelps called to report that the noise in the
school disturbed them in the progress of writing the History. I
gave orders that Cole must look out for another place, as the
history must continue and not be disturbed, as there are but
few subjects that I have felt a greater anxiety about than my
history, which has been a very difficult task, on account of the
death of my best clerks and the apostasy of others, and the stealing of
records by John Whitmer, Cyrus Smalling and others.
The quorum of the Twelve—viz., President Brigham Young,
Parley P. Pratt, Orson Pratt, Wilford Woodruff, John Taylor,
George A. Smith, and Willard Richards, assembled in the
mayor's office, and voted to raise $500 to get paper, &c., to
print the Doctrine and Covenants. Also voted that Parley P.
Pratt, Wilford Woodruff, and John Taylor be a committee to

Doctrine and
Covenants.
borrow or get the money, and that President Young go along
with them.
Wednesday, 8.—From nine to eleven, a.m., had an interview with Richards
and Phelps, read and heard read part of my history, then attended to settling
some accounts with several individuals. In the afternoon, I examined a
sample of fringe designed for the pulpits of the Temple; and from two to
three, conversed with Phelps, Lewis, John Butler and others.
The Neighbor has the following:—
Misrepresentations Corrected.
We know that statements made by the Carthage mob in their
resolutions, as published in the late Warsaw Message, were false. We
also felt convinced that the parties themselves were apprized of that
fact, and that it was a thing generally understood by the public; and
therefore we did not trouble ourselves about it. But having the
following testimonies and affidavits sent us for publication, we insert
them for the information of those who may not have had opportunities
of informing themselves relative to this subject.
STATE OF ILLINOIS
LEE COUNTY. ss.
We the undersigned citizens of the town of Dixon, county of Lee, State
of Illinois, being duly sworn according to law, depose and say that we
have seen the article entitled "Statement of facts connected with the
arrest of Joseph Smith and his discharge therefrom," published in the
Warsaw Message of the date of 15th of July, A.D. 1843; and have also
seen an editorial article in the same number of said paper, in which it is
stated that said statement of facts was furnished by E. Southwick, one
of Mr. Smith's attorneys in said case; and that we know the fact stated
in that statement—to wit, that Reynolds, for a considerable length of
time immediately after his arrival at Dixon, did peremptorily refuse to
allow Smith a private interview with his counsel; and that said
Reynolds did expressly state that no conversation could be had with

Smith by his attorneys, unless he, Reynolds, was present at such
conversation.
The length of time which such refusal to allow said private
conversation continued, was, in the belief of these deponents, at least
one hour; and that such private conversation was not permitted by
Reynolds, until after being informed by at least two of these deponents
(Messrs. Dixon and Sanger) that such private interview must be
allowed Mr. Smith, as that was a right he had guaranteed to him by
law.
JOHN DIXON, J. D. McCOMSAY,
ISAAC ROBINSON, J. ALBERT HELFENSTEIN,
L. P. SANGER, S. G. PATRICK,
E. SOUTHWICK.
Sworn and subscribed to before me at Dixon, this 29th day of July,
1843.
FREDERICK R. DUTCHER,
Justice of the Peace for Lee County, Ill.
We, the undersigned, state under oath that we traveled in company
with Joseph H. Reynolds, the agent of the State of Missouri, from
Dixon to Nauvoo, at the time he had Joseph Smith in custody with the
intention of taking him to Missouri, between the 26th of June last and
the 1st instant; and that the Mormons, friends of Mr. Smith, who met
us on said journey, before we arrived at Nauvoo, conducted
themselves, so far as we could perceive and were able to judge, with
the strictest propriety; and to our knowledge made use of no means of
intimidation towards either H. T. Wilson or said Reynolds; but, on the
contrary, several of them, and said Smith among that number, pledged
themselves that said Wilson and Reynolds should be personally safe;
and that said Mormons, none of them as we could perceive, were

armed, so far as was discernible; and further, that the statement made
in the Old School Democrat of the 12th instant, over the signature of T.
H. Reynolds, that he and said Wilson were disarmed soon after they
were arrested on the trespass suit commenced against them by said
Smith, and that their arms were not returned to them until after the said
Smith's discharge at Nauvoo, was incorrect. And in relation to this,
these deponents say that said Wilson and Reynolds were arrested on
said action of trespass at Dixon, on Saturday morning, the 24th of June
last. That they were not disarmed by the sheriff of Lee county, who had
them in custody, nor by any other person, until the following day, at
Paw-paw Grove, thirty-two miles distant from Dixon; and that the
arms of said Wilson and Reynolds were restored to them by the said
sheriff of Lee county, who had them in custody for default of bail, at
their (Wilson and Reynolds') own request, while on the journey from
Dixon to Nauvoo, before the company had arrived within at least
eighty miles of Nauvoo.
J. D. McCOMSAY,
L. P. SANGER,
E. SOUTHWICK,
S. G. PATRICK.
Sworn and subscribed to before me, at Dixon, this 29th day of July,
A.D. 1843.
FREDERICK R. DUTCHER,
Justice of the Peace.
To the Editor of the Warsaw Message:
GENTLEMEN:—It appears from an article in your paper of the 15th
of July under the editorial head, that there is a question of veracity
therein raised, between Mr. H. T Wilson and myself, relative to the
proceedings had after the late arrest by him of Joseph Smith. Now, in

order that the public may no longer be deceived in the premises, be
pleased to publish, together with this note, the above affidavits, that the
charge of falsehood may attach where it properly belongs.
Very respectfully yours,
E. SOUTHWICK.
Dixon July 29, 1843.
I wrote to the Times and Seasons:—
Communication of President Joseph Smith to the Saints.
Messrs. Taylor and Woodruff:
It has been so long since I addressed the Saints through the medium of
the Times and Seasons, that I feel confident that a few words from my
pen, by way of advice, will be well received, as well as a "waymark"
to guide the "faithful" in future. I was sorry to learn, by your remarks
upon the resolutions of the "Twelve" concerning your papers, which
appeared not long since, that many of the Saints abroad were more apt
to patronize the common newspapers of the day than yours, for the
important reason that the Church of Jesus Christ of Latter-day Saints
has the words of eternal life, and your paper, as it has hitherto done,
must continue to publish such portions of them for the benefit of the
Saints and the salvation of mankind as wisdom shall from time to time
direct.
Freedom is a sweet blessing. Men have a right to take and read what
papers they please; "but do men gather grapes of thorns, or figs of
thistles?" It certainly is no more than just to suppose that charity
begins at home; and if so, what must such as profess to be Saints think,
when they patronize the splendor of Babylon and leave the virtue of
Zion to linger for want of bread?
Beside which, if virtue is justified rather than vanity, the best of
everything calculated to happify man and dignify society will—yea,

must be in Nauvoo. And as the new commandment given anciently
was to love one another, even so the works of the Saints at home and
abroad will bear its own testimony whether they love the brethren.
In all the world the Times and Seasons is the only paper that virtually
sustains, according to the forms of Scripture and prophecy, "Apostles,
Prophets, Evangelists," and revelations. And what shall be said of him
that, like the "Levite," passes on the other side of the way, when we
behold men who "have borne the heat and the burden of the day"
struggling against the popular opinions of a vain world, the burlesque
of a giddy throng, the vulgarity of a self-wise multitude, and the
falsehoods of what may justly be termed the "civilized meanness of the
age," and not lending a helping hand? The 25th chapter of Matthew
contains the simple answer.
Now, let me say once for all, like the Psalmist of old, "How good and
how pleasant it is for brethren to dwell together in unity." "As the
precious ointment upon the head that ran down upon Aaron's beard,
that went down to the skirts of his garments, as the dew of Hermon
that descended upon the mountains of Zion," is such unity; for there
the Lord commanded the blessing, even life for evermore!" Unity is
power; and when the brethren as one man sustain the Times and
Seasons, they sustain me, by giving a spread to the revelations, faith,
works, history and progress of the Church. The brethren who conduct
the paper have been appointed to that important station, because they
are worthy and well qualified; and what a blessed sign of a faithful
friend to God and man is it to see the charity of a brother support his
brethren, as an evidence that he means to pass from death into life?
Many of the articles which appear in the Times and Seasons are
extracts of revelations, translations, or are the united voice of
conferences, which, like "apples of gold in pictures of silver," are
treasures more than meat for the called, chosen and faithful among the
Saints, and should be more than drink to those that hunger and thirst
after righteousness. As Nauvoo is rising in glory and greatness, so shall
I expect to see the Times and Seasons increase in circulation by the
vigilance of the Elders and Saints, so as to be a herald of truth and a

standard of pure and undefiled religion. Finally, men and brethren,
when you support my friends, you support me. In the bonds of the new
and everlasting covenant,
I am your humble servant,
JOSEPH SMITH.
Footnotes:
1. This was the case of Chas. Drown on habeas corpus referred to under
date of 13th of October.

Properity of
the Work in
England.
CHAPTER IV.
CORRESPONDENCE BETWEEN JAMES
ARLINGTON BENNETT AND
PRESIDENT JOSEPH SMITH—RENEWAL
OF PETITIONS TO CONGRESS FOR
REDRESS OF MISSOURI GRIEVANCES
—PRESIDENT JOSEPH SMITH'S APPEAL
TO THE "GREEN MOUNTAIN BOYS"—
VERMONT—STATUS OF THE NAUVOO
LEGION IN ILLINOIS MILITIA.
Thursday, November, 9, 1843.—At the office, dictating letters and signing
deeds.
The missionaries to the Pacific Islands touched at Cape de Verde Islands,
and laid in a supply of fruits of various kinds.
Saturday, 11.—A company of Saints arrived from England.
The work is still prospering in that country, poverty and
distress are making rapid strides, and the situation of the
laboring classes is getting every day more deplorable.
City Council met. Hyrum Smith, president pro tem. Albert P. Rockwood
assessor and collector for 1st ward; Daniel Hendricks for 2nd ward;
Jonathan H. Hale, 3rd ward; and Henry G. Sherwood for 4th ward.
Sunday, 12.—Prayer-meeting in the evening, in the south-east room of my
old house.
Clear, cold.
Monday 13.—Having received a letter from James Arlington Bennett, Esq.,
I copy it:—

Letter: James Arlington Bennett to President Joseph Smith.
ARLINGTON HOUSE, Oct. 43, 1843.
DEAR GENERAL:—I am happy to know that you have taken
possession of your new establishment, and presume you will be
eminently successful and happy in it, together with your good lady and
family.
You are no doubt already aware that I have had a most interesting visit
from your most excellent and worthy friend, President B. Young with
whom I have had a glorious frolic in the clear blue ocean; for most
assuredly a frolic it was, without a moment's reflection or
consideration.
Nothing of this kind would in the least attach me to your person or
cause. I am capable of being a most undeviating friend, without being
governed by the smallest religious influence.
As you have proved yourself to be a philosophical divine, you will
excuse me when I say that we must leave their influence to the mass.
The boldness of your plans and measures, together with their
unparalleled success so far, are calculated to throw a charm over your
whole being, and to point you out as the most extraordinary man of the
present age.
But my mind is of so mathematical and philosophical a cast, that the
divinity of Moses makes no impression on me, and you will not be
offended when I say that I rate you higher as a legislator than I do
Moses, because we have you present with us for examination, whereas
Moses derives his chief authority from prescription and the lapse of
time.
I cannot, however, say but you are both right, it being out of the power
of man to prove you wrong. It is no mathematical problem, and can
therefore get no mathematical solution. I say, therefore, Go a-head:
you have my good wishes. You know Mahomet had his "right hand
man."

The celebrated Thomas Brown, at New York, is now engaged in
cutting your head on a beautiful cornelian stone, as your private seal,
which will be set in gold to your order, and sent to you. It will be a
gem, and just what you want. His sister is a member of your Church.
The expense of this seal, set in gold, will be about $40; and Mr. Brown
assures me that if he were not so poor a man, he would present it to
you free.
You can, however, accept it or not, as he can apply to it another use. I
am myself short for cash; for although I had sometime since $2,000
paid me by the Harpers, publishers, as the first instalment on the
purchase of my copyright, yet I had got so much behind during the
hard times, that it all went to clear up old scores. I expect $38,000
more however, in semi-annual payments, from those gentlemen, within
the limits of ten years; a large portion of which I intend to use in the
State of Illinois, in the purchase and conduct of a large tract of land;
and therefore should I be compelled to announce in this quarter that I
have no connection with the Nauvoo Legion, you will of course
remain silent, as I shall do it in such a way as will make all things
right.
I may yet run for a high office in your state, when you would be sure
of my best services in your behalf; therefore, a known connection with
you would be against our mutual interest. It can be shown that a
commission in the Legion was a Herald hoax, coined for the fun of it
by me, as it is not believed even now by the public. In short, I expect
to be yet, through your influence, governor of the State of Illinois.
My respects to Brothers Young, Richards, Mrs. Emma, and all friends.
Yours most respectfully,
JAMES ARLINGTON BENNETT.
P.S.—As the office of inspector-general confers no command on me,
being a mere honorary title,—if, therefore, there is any gentleman in
Nauvoo who would like to fill it in a practical way, I shall with great
pleasure and good-will resign it to him, by receiving advice from you

to that effect. It is an office that should be filled by some scientific
officer.
J. A. B.
I insert my reply:—
Letter: President Joseph Smith to James Arlington Bennett.
NAUVOO, ILLINOIS, Nov. 13, 1843.
DEAR SIR:—Your letter of the 24th ult. has been regularly received,
its contents duly appreciated, and its whole tenor candidly considered;
and, according to my manner of judging all things in righteousness, I
proceed to answer you, and shall leave you to meditate whether
"mathematical problems," founded upon the truth of revelation, or
religion as promulgated by me, or by Moses, can be solved by rules
and principles existing in the systems of common knowledge.
How far you are capable of being "a most undeviating friend, without
being governed by the smallest religious influence," will best be
decided by your survivors, as all past experience most assuredly
proves. Without controversy, that friendship which intelligent beings
would accept as sincere must arise from love, and that love grow out
of virtue, which is as much a part of religion as light is a part of
Jehovah. Hence the saying of Jesus, "Greater love hath no man than
this, that a man lay down his life for his friends."
You observed, "as I have proven myself to be a philosophical divine" I
must excuse you when you say that we must leave these influences to
the mass. The meaning of "philosophical divine" may be taken in
various ways. If, as the learned world apply the term, you infer that I
have achieved a victory, and been strengthened by a scientific religion,
as practiced by the popular sects of the age, through the aid of
colleges, seminaries, Bible societies, missionary boards, financial
organizations, and gospel money schemes, then you are wrong. Such a
combination of men and means shows a form of godliness without the
power; for is it not written, "I will destroy the wisdom of the wise."

"Beware lest any man spoil you through philosophy and vain deceit,
after the rudiments of the world, and not after the doctrines of Christ."
But if the inference is that by more love, more light, more virtue, and
more truth from the Lord, I have succeeded as a man of God, then you
reason truly, though the weight of the sentiment is lost, when the
"influence is left to the mass." "Do men gather grapes of thorns, or figs
of thistles?"
Of course you follow out the figure, and say, the boldness of my plans
and measures, together with their unparalleled success, so far, are
calculated to throw a charm over my whole being, and to point me out
as the most extraordinary man of the present age! The boldness of my
plans and measures can readily be tested by the touchstone of all
schemes, systems, projects, and adventures—truth; for truth is a matter
of fact; and the fact is, that by the power of God I translated the Book
of Mormon from hieroglyphics, the knowledge of which was lost to
the world, in which wonderful event I stood alone, an unlearned youth,
to combat the worldly wisdom and multiplied ignorance of eighteen
centuries, with a new revelation, which (if they would receive the
everlasting Gospel,) would open the eyes of more than eight hundred
millions of people, and make "plain the old paths," wherein if a man
walk in all the ordinances of God blameless, he shall inherit eternal
life; and Jesus Christ, who was, and is, and is to come, has borne me
safely over every snare and plan laid in secret or openly, through
priestly hypocrisy, sectarian prejudice, popular philosophy, executive
power, or law-defying mobocracy, to destroy me.
If, then, the hand of God in all these things that I have accomplished
towards the salvation of a priest-ridden generation, in the short space
of twelve years, through the boldness of the plan of preaching the
Gospel, and the boldness of the means of declaring repentance and
baptism for the remission of sins, and a reception of the Holy Ghost by
laying on of the hands, agreeably to the authority of the Priesthood,
and the still more bold measures of receiving direct revelation from
God, through the Comforter, as promised, and by which means all holy
men from ancient times till now have spoken and revealed the will of
God to men, with the consequent "success" of the gathering of the

Saints, throws any "charm" around my being, and "points me out as
the most extraordinary man of the age," it demonstrates the fact that
truth is mighty and must prevail, and that one man empowered from
Jehovah has more influence with the children of the kingdom than
eight hundred millions led by the precepts of men. God exalts the
humble, and debases the haughty.
But let me assure you in the name of Jesus, "who spake as never man
spake," that the "boldness of the plans and measures," as you term
them, but which should be denominated the righteousness of the cause,
the truth of the system, and power of God, which "so far" has borne me
and the Church, (in which I glory in having the privilege of being a
member,) successfully through the storm of reproach, folly, ignorance,
malice, persecution, falsehood, sacerdotal wrath, newspaper satire,
pamphlet libels, and the combined influence of the powers of earth and
hell,—I say these powers of righteousness and truth are not the decrees
or rules of an ambitious and aspiring Nimrod, Pharaoh,
Nebuchadnezzar, Alexander, Mahomet, Bonaparte, or other great
sounding heroes that dazzled forth with a trail of pomp and
circumstances for a little season, like a comet, and then disappeared,
leaving a wide waste where such an existence once was, with only a
name; nor where the glorious results of what you term "boldness of
plans and measures," with the attendant "success," matured by the self-
aggrandizing wisdom of the priests of Baal, the scribes and Pharisees
of the Jews, popes and bishops of Christendom, or pagans of
Juggernaut: nor were they extended by the divisions and subdivisions
of a Luther or Calvin, a Wesley, or even a Campbell, supported by a
galaxy of clergymen and churchmen, of whatever name or nature,
bound apart by cast-iron creeds, and fastened to set stakes by chain-
cable opinions, without revelation. Nor are they the lions of the land,
or the leviathans of the sea, moving among the elements, as distant
chimeras to fatten the fancy of the infidel; but they are as the stone cut
out of the mountain without hands, and will become a great mountain,
and fill the whole earth.[1]
* * * * *
It seems that your mind is of such "a mathematical and philosophical
cast," that the divinity of Moses makes no impression upon you, and

that I will not be offended when you say that you rate me higher as a
legislator than you do Moses, because you have me present with you
for examination; that "Moses derives his chief authority from
prescription and the lapse of time." You cannot, however, say but we
are both right, it being out of the power of man to prove us wrong. "It
is no mathematical problem, and can therefore get no mathematical
solution."
Now, sir, to cut the matter short, and not dally with your learned ideas,
for fashion's sake you have here given your opinion, without reserve,
that revelation, the knowledge of God, prophetic vision, the truth of
eternity, cannot be solved as a mathematical problem. The first
question then is, What is a mathematical problem? and the natural
answer is, A statement, proposition or question that can be solved,
ascertained, unfolded or demonstrated by knowledge, facts or figures;
for "mathematical" is an adjective derived from mathesis (Gr.),
meaning, in English, learning or knowledge. "Problem" is derived
from probleme (French), or problema (Italian, or Spanish), and in each
language means a question or proposition, whether true or false.
"Solve" is derived from the Latin verb "solvo," to explain or answer.
One thing more in order to prove the work as we proceed. It is
necessary to have witnesses, two or three of whose testimonies,
according to the laws or rules of God and man, are sufficient to
establish any one point.
Now for the question. How much are one and one? Two. How much is
one from two? One. Very well; one question or problem is solved by
figures. Now, let me ask one for facts; Was there ever such a place on
the earth as Egypt? Geography says yes; ancient history says yes; and
the Bible says yes: so three witnesses have solved that question. Again:
Lived there ever such a man as Moses in Egypt? The same witnesses
reply, Certainly. And was he a Prophet? The same witnesses, or a part,
have left on record that Moses predicted in Leviticus that if Israel
broke the covenant they had made, the Lord would scatter them among
the nations, till the land enjoyed her Sabbaths: and, subsequently, these
witnesses have testified of their captivity in Babylon and other places,

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