Questions from Financial Accounting

Q: Brothers Mike and Tim Hargen began operations of their tool and die

Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2017,...

Q: Josh and Kelly McKay began operations of their furniture repair shop (

Josh and Kelly McKay began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 201...

Q: Megan Company (not a corporation) was careless about its financial

Megan Company (not a corporation) was careless about its financial records during its first year of operations, 2013. It is December 31, 2013, the end of the annual accounting period. An outside CPA h...

Q: You are evaluating your current portfolio of investments to determine those that

You are evaluating your current portfolio of investments to determine those that are not performing to your expectations. You have all of the companies’ most recent annual reports. Required: For each...

Q: Paige Consultants, Inc., provides marketing research for clients in the

Paige Consultants, Inc., provides marketing research for clients in the retail industry. The company had the following unadjusted balances at the end of the current year: Required: Prepare in good fo...

Q: In a recent annual report, Hewlett-Packard Company states,

In a recent annual report, Hewlett-Packard Company states, “We are a leading global provider of products, technologies, software, solutions and services to individual consumers, smal...

Q: Diane Company completed its first year of operations on December 31.

Diane Company completed its first year of operations on December 31. All of the year’s entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will...

Q: Elana’s Traveling Veterinary Services, Inc., completed its first year of

Elana’s Traveling Veterinary Services, Inc., completed its first year of operations on December 31. All of the year’s entries have been recorded except for the following: a. On March 1 of the current...

Q: Aubrae Company is making adjusting entries for the year ended December 31

Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year...

Q: Gauge Construction Company is making adjusting entries for the year ended March

Gauge Construction Company is making adjusting entries for the year ended March 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. Th...