Questions from Financial Accounting

Q: During 2012, Barron Network, Inc., which designs network servers

During 2012, Barron Network, Inc., which designs network servers, earned revenues of $840 million. Expenses totaled $500 million. Barron collected all but $26 million of the revenues and paid $580 mil...

Q: Bantley, Inc., collects cash from customers two ways:

Bantley, Inc., collects cash from customers two ways: a. Accrued revenue. Some customers pay Bantley after Bantley has performed service for the customer. During 2012, Bantley made sales of $55,000 on...

Q: Use the data in Short Exercise 6A-1 to do the

Use the data in Short Exercise 6A-1 to do the following for Flexon Technologies: In Short Exercise 6A-1 Flexon Technologies began the year with inventory of $580. During the year, Flexon purchased in...

Q: An accountant made the following adjustments at December 31, the end

An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $1,200. Prepaid insuranc...

Q: This exercise should be used in conjunction with Short Exercise 6-

This exercise should be used in conjunction with Short Exercise 6-4. Jonah is a corporation subject to a 40% income tax. Compute Jonah’s income tax expense under the average, FIFO, and LIFO inventory...

Q: Bird-Watcher, Inc., experienced four situations for its supplies

Bird-Watcher, Inc., experienced four situations for its supplies. Compute the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider...

Q: Suppose Sparrow Sporting Goods Company reported the following data at March 31

Suppose Sparrow Sporting Goods Company reported the following data at March 31, 2012, with amounts in thousands: Use these data to prepare Sparrow Sporting Goods Company’s income s...

Q: Morton Motor Company faced the following situations. Journalize the adjusting entry

Morton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2012, for each situation. Consider each fact separately. a. The business has interest expense...

Q: The accounting records of Fairmount Publishing Company include the following unadjusted balances

The accounting records of Fairmount Publishing Company include the following unadjusted balances at August 31: Accounts Receivable, $1,500; Supplies, $500; Salary Payable, $0; Unearned Service Revenue...

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 Shore Corporation at December 31, 2012: How much net income did North Shore earn during 2012? Prepare a T-a...