Questions from Financial Accounting

Q: During 2010 Nebula Corporation made sales of $4,800 (

During 2010 Nebula Corporation made sales of $4,800 (assume all on account) and collected cash of $4,900 from customers. Operating expenses totaled $1,100, all paid in cash. At year end, 2010, Nebula...

Q: During 2010 Carlton Network, Inc., which designs network servers,

During 2010 Carlton Network, Inc., which designs network servers, earned revenues of $740 million. Expenses totaled $560 million. Carlton collected all but $24 million of the revenues and paid $580 mi...

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, $800. Payments for insurance during the period, $2,400. Prepaid insuran...

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

Folton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2010, for each situation. Consider each fact separately. a. The business has interest expens...

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

The accounting records of Harris Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, $1,200; Supplies, $300; Salary Payable, $0; Unearned Service Revenue, $800...

Q: The adjusted trial balance of Holiday Hams, Inc., follows.

The adjusted trial balance of Holiday Hams, Inc., follows. Requirement 1. Prepare Holiday Hams, Inc.s income statement and statement of retained earnings for the year ended December 31, 2010, and it...

Q: Scruffy Murphy is the president and principal stockholder of Scruffys Bar &

Scruffy Murphy is the president and principal stockholder of Scruffys Bar & Grill, Inc. To expand, the business is applying for a $250,000 bank loan. To get the loan, Murphy is considering two options...

Q: The adjusted trial balances of Victory Corporation at March 31, 2010

The adjusted trial balances of Victory Corporation at March 31, 2010, and March 31, 2009, include these amounts (in millions): Victory completed these transactions during the year ended March 31, 201...

Q: This question deals with the items and the amounts that two entities

This question deals with the items and the amounts that two entities, Mother Elizabeth Hospital (Mother Elizabeth) and City of Portland (Portland) should report in their financial statements. Fill in...

Q: Direct, the British wireless phone service provider, collects cash in

Direct, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions of pounds sterling ( ), the British monetary unit. Assume Direct collected 400...