Questions from Financial Accounting

Q: Tennessee Company experienced the following events during Year 2: 1

Tennessee Company experienced the following events during Year 2: 1. Acquired $50,000 cash from the issue of common stock. 2. Paid $15,000 cash to purchase land. 3. Borrowed $25,000 cash. 4. Provided...

Q: Brandon Baily started a personal financial planning business when he accepted $

Brandon Baily started a personal financial planning business when he accepted $120,000 cash as advance payment for managing the financial assets of a large estate. Baily agreed to manage the estate fo...

Q: On January 1, Year 2, the following information was drawn

On January 1, Year 2, the following information was drawn from the accounting records of Zeke Company: cash of $200; land of $1,800; notes payable of $600; and common stock of $1,000. Required: a. De...

Q: As of January 1, Year 2, Shundra Inc. had

As of January 1, Year 2, Shundra Inc. had a balance of $4,500 in Cash, $2,500 in Common Stock, and $2,000 in Retained Earnings. These were the only accounts with balances in the ledger on January 1, Y...

Q: The following data are based on information in the 2016 annual report

The following data are based on information in the 2016 annual report of Cracker Barrel Old Country Store. As of July 29, 2016, Cracker Barrel operated 640 restaurants and gift shops in 43 states. Dol...

Q: As of December 31, Year 1, Big Horn Company had

As of December 31, Year 1, Big Horn Company had total assets of $100,000, total liabilities of $30,000, and common stock of $50,000. The company’s Year 1 income statement contained revenue of $16,000...

Q: Pam’s Crafts opened on January 1, Year 1. Pam’s reported

Pam’s Crafts opened on January 1, Year 1. Pam’s reported the following for cash revenues and cash expenses for the years Year 1 to Year 3: Required: a. What would...

Q: Carr Company was started on January 1, Year 1. During

Carr Company was started on January 1, Year 1. During the month of January, Carr earned $4,600 of revenue and incurred $3,000 of expenses. During the remainder of Year 1, Carr earned $52,000 and incur...

Q: Pet Partners experienced the following events during its first year of operations

Pet Partners experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock. 2. Borrowed cash from a bank. 3. Signed a contract to provide servi...

Q: Corrugated Boxes Inc. is a U.S. based company

Corrugated Boxes Inc. is a U.S. based company that develops its financial statements under GAAP. The total amount of the company’s assets shown on its balance sheet for the current year was approximat...