Questions from Financial Accounting

Q: The following table shows the transactions experienced by J G Gutter Works

The following table shows the transactions experienced by J G Gutter Works (JGGW), during Year 7. The table contains missing data which are labeled with alphabetic characters (a) through (j). Assume a...

Q: Pizza Express Inc. began the Year 2 accounting period with $

Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during Ye...

Q: Yard Professionals Inc. experienced the following events in Year 1,

Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A physical count...

Q: The December 31, Year 1, balance sheet for Deen Company

The December 31, Year 1, balance sheet for Deen Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, Year 1, and December 31, Yea...

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

Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $33,700, (2) paid cash expenses of $14,900, an...

Q: Sung Company purchased land in April Year 1 at a cost of

Sung Company purchased land in April Year 1 at a cost of $500,000. The estimated market value of the land is $800,000 as of December 31, Year 7. Sung purchased marketable equity securities (bought the...

Q: On January 1, Year 1, Moore, a fast-

On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the Year 1 accounting period, the company had (1) net cash inflow from operating activities of $2...

Q: All-Star Automotive Company experienced the following accounting events during Year

All-Star Automotive Company experienced the following accounting events during Year 1: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the bo...

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

Dakota Company experienced the following events during Year 2: 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided ser...

Q: Charlene Rose tells you that accountants where she works are real hair

Charlene Rose tells you that accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean the...