Questions from Financial Accounting

Q: Partner Bank recently traded in office fixtures. Here are the facts

Partner Bank recently traded in office fixtures. Here are the facts: Old fixtures: New fixtures: Cost, $91,000 …………..………..……………………………………………Cash paid, $110,000 Accumulated depreciation, $68,000 …...

Q: View a link toTarget Corporation’s Fiscal 2015 annual report at http://

View a link toTarget Corporation’s Fiscal 2015 annual report at http://www.pearsonhighered.com/Horngren. Refer to the Target Corporation financial statements, including Notes 14 and 15. Answer the fol...

Q: Jim Reed manages a fleet of utility trucks for a rural county

Jim Reed manages a fleet of utility trucks for a rural county government. He’s been in his job for 30 years, and he knows where the angles are. He makes sure that when new trucks are purchased, the re...

Q: Discount parking, near an airport, incurred the following costs to

Discount parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building: Discount Parking depreciates land improvements ov...

Q: Clarmont Resources, which uses the FIFO inventory costing method, has

Clarmont Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2019, prior to releasing the financial statements for the year: Merchandise Inventory,...

Q: On January 3, 2018, Rapid Delivery Service purchased a truck

On January 3, 2018, Rapid Delivery Service purchased a truck at a cost of $100,000. Before placing the truck in service, Rapid spent $3,000 painting it, $600 replacing tires, and $10,400 overhauling t...

Q: Ellie Johnson Associates surveys American eating habits. The company’s accounts include

Ellie Johnson Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated De...

Q: Conseco Oil, Inc. has an account titled Oil and Gas

Conseco Oil, Inc. has an account titled Oil and Gas Properties. Conseco paid $6,600,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $570,000 for additional...

Q: Midland States Telecom provides communication services in Iowa, Nebraska, the

Midland States Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland States Telecom purchased goodwill as part of the acquisition of Sheldon Wireless Enterprises...

Q: During 2018, Mora Corporation completed the following transactions:

During 2018, Mora Corporation completed the following transactions: Record the transactions in the journal of Mora Corporation.