Questions from Financial Accounting

Q: Willow Creek Company purchased and installed carpet in its new general offices

Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value. a....

Q: Equipment acquired on January 8 at a cost of $168,

Equipment acquired on January 8 at a cost of $168,000 has an estimated useful life of 18 years, has an estimated residual value of $15,000, and is depreciated by the straight-line method. a. What was...

Q: Equipment acquired on January 6 at a cost of $375,

Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1...

Q: Alaska Mining Co. acquired mineral rights for $67,500

Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. a. Determine the amount of...

Q: Kleen Company acquired patent rights on January 10 of Year 1 for

Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended th...

Q: Apple Inc. designs, manufactures, and markets personal computers and

Apple Inc. designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod) and mobile phones (iPhone) along with related access...

Q: List the errors you find in the following partial balance sheet:

List the errors you find in the following partial balance sheet:

Q: Bud Lighting Co. is a retailer of commercial and residential lighting

Bud Lighting Co. is a retailer of commercial and residential lighting products. Gowen Geter, the company’s chief accountant, is in the process of making year-end adjusting entries for uncollectible ac...

Q: Amazon.com, Inc. is the world’s leading Internet retailer

Amazon.com, Inc. is the world’s leading Internet retailer of merchandise and media. Amazon also designs and sells electronic products, such as e-readers. Netflix, Inc. is the world&a...

Q: Verizon Communications Inc. is a major telecommunications company in the United

Verizon Communications Inc. is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed assets: Verizon&acir...