Questions from Accounting Principles

Q: Compute Chavez Company’s current ratio using the following information. /

Compute Chavez Company’s current ratio using the following information.

Q: Gerald Company made an adjusting entry at its December 31 year-

Gerald Company made an adjusting entry at its December 31 year-end for $800 of wages earned by employees but not yet paid. Gerald uses reversing entries. Prepare the reversing entry Gerald must record...

Q: The ledger of Claudel Company includes the following unadjusted normal balances:

The ledger of Claudel Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600, and Wages Expense $5,000. Adjustments are required for (a) prepaid rent...

Q: The ledger of Mai Company includes the following accounts with normal balances

The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $9,000; D. Mai, Withdrawals $800; Services Revenue $13,000; Wages Expense $8,400; and...

Q: Set up T-accounts for the following accounts and amounts with

Set up T-accounts for the following accounts and amounts with normal balances as of December 31: K. Carver, Capital $18,000; K. Carver, Withdrawals $2,000; Services Revenue $33,000; Salaries Expense $...

Q: Using Sierra Company’s adjusted trial balance from QS 4-16,

Using Sierra Company’s adjusted trial balance from QS 4-16, prepare its December 31 closing entries.

Q: Ace Company reports revenues of $40,000 and expenses of

Ace Company reports revenues of $40,000 and expenses of $31,000. The owner made no additional investments during the period but withdrew $5,000 cash from the business. After closing entries are record...

Q: Do process costing systems use multiple Factory Overhead accounts?

Do process costing systems use multiple Factory Overhead accounts?

Q: For each account, identify whether it is included or excluded from

For each account, identify whether it is included or excluded from a post-closing trial balance. a. Accounts Receivable c. Cash e. Income Tax Expense b. Salaries Expense d. Land...

Q: Use the following selected accounts and amounts with normal balances from Builder

Use the following selected accounts and amounts with normal balances from Builder Co.’s adjusted trial balance to prepare its income statement for the year ended December 31. Hint: N...