Questions from Financial Accounting

Q: Prepare the closing entries from the following selected accounts from the records

Prepare the closing entries from the following selected accounts from the records of North Pole Corporation at December 31, 2012: How much net income did North Pole earn during 2012? Prepare a T-acc...

Q: Use the Sparrow Sporting Goods Company data in Short Exercise 3-

Use the Sparrow Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at March 31, 2012. Then set up a T-account for Retained Earnings and post to...

Q: The unadjusted trial balance and income statement amounts from the December 31

The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Durkin Production Company follow. Requirement Journalize the adjusting and closing entries of...

Q: Refer to Exercise 3-44B. In Exercise 3

Refer to Exercise 3-44B. In Exercise 3-44B The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Durkin Production Company follow. Requirements 1....

Q: The adjusted trial balances of Verne Corporation at March 31, 2012

The adjusted trial balances of Verne Corporation at March 31, 2012, and March 31, 2011, include these amounts (in millions): Verne completed these transactions during the year ended March 31, 2012....

Q: Fun Toys prepares budgets to help manage the company. Fun Toys

Fun Toys prepares budgets to help manage the company. Fun Toys is budgeting for the fiscal year ended January 31, 2012. During the preceding year ended January 31, 2011, sales totaled $9,600 million a...

Q: Duneside Corporation began 2012 owing notes payable of $4.1

Duneside Corporation began 2012 owing notes payable of $4.1 million. During 2012 Duneside borrowed $1.7 million on notes payable and paid off $1.6 million of notes payable from prior years. Interest e...

Q: Bart Morris Company reported these ratios at December 31, 2012 (

Bart Morris Company reported these ratios at December 31, 2012 (dollar amounts in millions): Current ratio = $60 / $50 = 1.20 Debt ratio = $70 / $90 = 0.78 Bart Morris Company completed these transac...

Q: Refer to Exercise 2-36 of Chapter 2. Start from

Refer to Exercise 2-36 of Chapter 2. Start from the trial balance and the posted T-accounts that Steve Ruiz, Certified Public Accountant, Professional Corporation (P.C.), prepared for his accounting p...

Q: On October 1, 2012, Lou Marks opened Eagle Restaurant,

On October 1, 2012, Lou Marks opened Eagle Restaurant, Inc. Marks is now at a crossroads. The October financial statements paint a glowing picture of the business, and Marks has asked you whether he s...