Questions from Financial Accounting

Q: In a recent balance sheet, Microsoft Corporation reported Property, Plant

In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. a. What was the book value of the fixed ass...

Q: Selected account balances before adjustment for Intuit Realty at November 30,

Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Data needed for year-end adjustments are as follows: • Supplies o...

Q: Crazy Mountain Outfitters Co., an outfitter store for fishing treks,

Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries,...

Q: List the errors you find in the following balance sheet. Prepare

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.

Q: The accountant for Healthy Life Company, a medical services consulting firm

The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) Unearned revenue earned during the year ($34,900) and (b) Accrued wages ($12,7...

Q: The transactions completed by AM Express Company during March, the first

The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on accou...

Q: The Signage Company specializes in the maintenance and repair of signs,

The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2019, the accountant for The Signage Company prepared the trial balances shown below. Instruc...

Q: On December 31, a business estimates depreciation on equipment used during

On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13,900. a. Journalize the adjusting entry required as of December 31. b. If the adjusting...

Q: The unadjusted trial balance that you prepared for PS Music at the

The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: • During July...

Q: The balances for the accounts that follow appear in the Adjusted Trial

The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement o...