Questions from Accounting Principles

Q: Use the information in Exercise 1-18 to prepare a December

Use the information in Exercise 1-18 to prepare a December 31 balance sheet for Ernst Consulting. Hint: The solution to Exercise 1-19 can help.

Q: Use the information in Exercise 1-18 to prepare a December

Use the information in Exercise 1-18 to prepare a December statement of cash flows for Ernst Consulting. Assume the following additional information. a. The owner’s initial investment consists of $38,...

Q: MA homes Co. reported the following data at the end of

MA homes Co. reported the following data at the end of its first year of operations on December 31. (a) Prepare its year-end statement of owner’s equity. (b) Prepare its year-end b...

Q: Swiss Group reports net income of $40,000 for the

Swiss Group reports net income of $40,000 for the year. At the beginning of the year, Swiss Group had $200,000 in assets. By the end of the year, assets had grown to $300,000. What is Swiss Group’s re...

Q: Use the information in Exercise 2-9 to open these T

Use the information in Exercise 2-9 to open these T-accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense. (1) Post the general journal en...

Q: After recording the transactions of Exercise 2-13 in T-

After recording the transactions of Exercise 2-13 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31 as its report date.

Q: 1. Prepare general journal entries for the following transactions of Valdez

1. Prepare general journal entries for the following transactions of Valdez Services. a. The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies. b. The company p...

Q: Comparative figures for Apple and Google follow. / Required

Comparative figures for Apple and Google follow. Required 1. Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google. 2. Which company more quickly collects...

Q: 1. Prepare general journal entries for the following transactions of Valdez

1. Prepare general journal entries for the following transactions of Valdez Services. a. B. Valdez invested $20,000 cash in the company. b. The company provided services to a client and immediately re...

Q: Refer to the information in Exercise 20-8. (a

Refer to the information in Exercise 20-8. (a) Compute the number of units started and completed this period for the first production department. (b) Compute the number of equivalent units of producti...