Questions from Financial Accounting

Q: During 2010, Northwest Airlines paid salary expense of $38.

During 2010, Northwest Airlines paid salary expense of $38.3 million. At December 31, 2010, Northwest accrued salary expense of $2.8 million. Northwest then paid $1.8 million to its employees on Janua...

Q: Suppose you manage a Pizza Sauce restaurant. Identify the missing amount

Suppose you manage a Pizza Sauce restaurant. Identify the missing amount for each situation:

Q: Young Software began with cash of $13,000. Young

Young Software began with cash of $13,000. Young then bought supplies for $1,800 on account. Separately , Young paid $4,000 for a computer. Answer these questions. a. How much in total assets does Yo...

Q: Hannah Lyle, MD, opened a medical practice. The business

Hannah Lyle, MD, opened a medical practice. The business completed the following transactions: After these transactions, how much cash does the business have to work with? Use a T-account to show you...

Q: Daniel Newman is chairman of the board of Quality Food Brands,

Daniel Newman is chairman of the board of Quality Food Brands, Inc. Suppose Mr. Newman has just founded Quality Food Brands, and assume that he treats his home and other personal assets as part of Qua...

Q: Identify the accounting concept, assumption or principle that best applies to

Identify the accounting concept, assumption or principle that best applies to each of the following situations: a. Arbys, the restaurant chain, sold a store location to McDonalds. How can Arbys deter...

Q: 1. Use the accounting equation to show how to determine the

1. Use the accounting equation to show how to determine the amount of a companys owners equity . How would your answer change if you were analyzing your own household or a single Dennys restaurant? 2...

Q: Architect David Delorme purchased supplies on account for $2,000

Architect David Delorme purchased supplies on account for $2,000. Later Delorme paid $500 on account. 1. Journalize the two transactions on the books of David Delorme, architect. Include an explanati...

Q: Answer these questions about two companies. 1. Clay,

Answer these questions about two companies. 1. Clay, Inc., began the year with total liabilities of $50,000 and total stockholders equity of $80,000. During the year, total assets increased by 35%. H...

Q: Consider Target, a large retailer. Classify the following items as

Consider Target, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders Equity (S) for Target: a. ____ Accounts payable b. ____ Common stock c. ____ Supplie...