Questions from Financial Accounting

Q: 1. Identify the two basic categories of items on an income

1. Identify the two basic categories of items on an income statement. 2. What do we call the bottom line of the income statement?

Q: Call Anywhere Wireless, Inc., began 2010 with total assets of

Call Anywhere Wireless, Inc., began 2010 with total assets of $130 million and ended 2010 with assets of $165 million. During 2010 Call Anywhere earned revenues of $94 million and had expenses of $23...

Q: Roam Corp. began 2010 with retained earnings of $210 million

Roam Corp. began 2010 with retained earnings of $210 million. Revenues during the year were $380 million and expenses totaled $250 million. Roam declared dividends of $43 million. What was the company...

Q: A year out of college, you have $10,000

A year out of college, you have $10,000 to invest. A friend has started GrandPrize Unlimited, Inc., and she asks you to invest in her company . You obtain the companys financial statements, which are...

Q: During 2010 Prairie Sales, Inc., earned revenues of $580

During 2010 Prairie Sales, Inc., earned revenues of $580,000 on account. Prairie collected $590,000 from customers during the year. Expenses totaled $480,000, and the related cash payments were $460,0...

Q: The accounts of Deluxe Deck Service, Inc., follow with their

The accounts of Deluxe Deck Service, Inc., follow with their normal balances at June 30, 2010. The accounts are listed in no particular order. Requirements 1. Prepare the companys trial balance at J...

Q: The trial balance of Carver, Inc., at September 30,

The trial balance of Carver, Inc., at September 30, 2010, does not balance: The accounting records hold the following errors: a. Recorded a $400 cash revenue transaction by debiting Accounts Receiva...

Q: Lucky, Inc., began 2010 with $87,000 in

Lucky, Inc., began 2010 with $87,000 in cash. During 2010, Lucky earned net income of $410,000, and adjustments to reconcile net income to net cash provided by operations totaled $70,000, a positive a...

Q: Assume an Earl Copy Center ended the month of July 2010 with

Assume an Earl Copy Center ended the month of July 2010 with these data: Requirement 1. Prepare the income statement and the statement of retained earnings of Earl Copy Center, Inc., for the month e...

Q: Refer to the data in Exercise 1-24A.

Refer to the data in Exercise 1-24A. Requirement 1. Prepare the balance sheet of Earl Copy Center, Inc., for July 31, 2010. From exercise 24: Assume an Earl Copy Center ended the month of July 2010...