Questions from Financial Accounting

Q: Current assets and current liabilities for Brimstone Company follow:

Current assets and current liabilities for Brimstone Company follow: a. Determine the working capital and current ratio for 2019 and 2018. b. Does the change in the current ratio from 2018 to 2019 i...

Q: Delta Air Lines is a major passenger airline headquartered in the United

Delta Air Lines is a major passenger airline headquartered in the United States. Most Delta passengers purchase their tickets several weeks prior to taking their trip and use a credit card such as VIS...

Q: Milbank Repairs & Service, an electronics repair store, prepared the

Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the follo...

Q: When preparing the financial statements for the year ended October 31,

When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. The accrued salaries were included in the first salary pay...

Q: On November 1 of the current year, a business paid the

On November 1 of the current year, a business paid the November rent on the building that it occupies. (a) Do the rights acquired at November 1 represent an asset or an expense? (b) What is the justif...

Q: (a) Explain the purpose of the two accounts: Depreciation

(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two accounts...

Q: Two income statements for Hemlock Company follow: /

Two income statements for Hemlock Company follow: a. Prepare a vertical analysis of Hemlock Company’s income statements. b. Does the vertical analysis indicate a favorable or an un...

Q: Two income statements for Cornea Company follow: /

Two income statements for Cornea Company follow: a. Prepare a vertical analysis of Cornea Company’s income statements. b. Does the vertical analysis indicate a favorable or an unfa...

Q: Good Note Company specializes in the repair of music equipment and is

Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the fo...

Q: Pitman Company is a small editorial services company owned and operated by

Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the...