Questions from Financial Accounting

Q: Inspirational Inc. is a motivational consulting business. At the end

Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2012, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accou...

Q: Indicate whether each of the following is identified with (1)

Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders’ equity: a. accounts payable b. accounts receivable c. fees earned d. supplie...

Q: What is the effect of each of the following transactions on the

What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders’ equity) of the accounting equation? a. Invested cash in business in exch...

Q: DISH Network Corporation (DISH) provides satellite-based entertainment services

DISH Network Corporation (DISH) provides satellite-based entertainment services to residential and business customers. Services are billed and collected on a monthly basis. DISH Network reported the...

Q: Based upon MAD 2-4 and MAD 2-5,

Based upon MAD 2-4 and MAD 2-5, compare the two-year change in operating results between Target (TGT) and Wal-Mart (WMT). MAD 2-4: The following data (in millions) are taken from the financial...

Q: At the end of October, the first month of the business

At the end of October, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items...

Q: The balance in the supplies account, before adjustment at the end

The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575....

Q: The following accounts appear in an adjusted trial balance of Bridgewater Consulting

The following accounts appear in an adjusted trial balance of Bridgewater Consulting. Indicate whether each account would be reported in the (a) Current assets; (b) Property, plant, and equipment; (...

Q: In a recent balance sheet, Microsoft Corporation (MSFT) reported

In a recent balance sheet, Microsoft Corporation (MSFT) reported Property, Plant, and Equipment of $38,156 million and Accumulated Depreciation of $19,800 million. a. What was the book value of the fi...

Q: Paradise Realty Co. pays weekly salaries of $25,500

Paradise Realty Co. pays weekly salaries of $25,500 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that th...