Questions from Financial Accounting

Q: How does authorized stock differ from outstanding stock?

How does authorized stock differ from outstanding stock?

Q: Marathon Running Shoes reports the following: /

Marathon Running Shoes reports the following: Journalize all entries required for Marathon Running Shoes.

Q: The following items could appear on a bank reconciliation:

The following items could appear on a bank reconciliation: a. Outstanding checks, $670. b. Deposits in transit, $1,500. c. NSF check from customer, no. 548, for $175. d. Bank collection of note recei...

Q: Hardy Photography’s checkbook lists the following: /

Hardy Photography’s checkbook lists the following: Hardy’s November bank statement shows the following: Requirements: 1. Prepare Hardy Photographyâ€&...

Q: Visit http://www.pearsonhighered.com/Horngren to view

Visit http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s 2015 Fiscal Year Annual Report. Study the audit opinion (labeled Report of Independent Registered Public Accounting...

Q: Levon Helm was a kind of one-man mortgage broker.

Levon Helm was a kind of one-man mortgage broker. He would drive around Tennessee looking for homes that had second mortgages, and if the criteria were favorable, he would offer to buy the second mort...

Q: Seawind Productions makes all sales on credit. Cash receipts arrive by

Seawind Productions makes all sales on credit. Cash receipts arrive by mail. Justin Broadway, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advices. Bro...

Q: Each of the following situations has an internal control weakness.

Each of the following situations has an internal control weakness. a. Upside-Down Applications develops custom programs to customer’s specifications. Recently, development of a new program stopped whi...

Q: On June 1, Fab Salad Dressings creates a petty cash fund

On June 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Al Franklin, the fund custodian, signs the following petty cash tickets: On June 30, prior to r...

Q: Suppose that on June 1, Rockin’ Gyrations, a disc jockey

Suppose that on June 1, Rockin’ Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, fund custodian, signs the f...