Questions from Financial Accounting

Q: Waltman Furniture Repair Service, a company with two stockholders, began

Waltman Furniture Repair Service, a company with two stockholders, began operations on June 1, 2011. The following T-accounts indicate the activities for the month of June. Required: Explain events...

Q: Refer to the financial statements of American Eagle Outfitters in Appendix B

Refer to the financial statements of American Eagle Outfitters in Appendix B, Urban Outfitters in Appendix C, and the Industry Ratio Report in Appendix D at the end of this book. Required: 1. What wa...

Q: Refer to E3-13 . Lisa Frees and Amelia

Refer to E3-13 . Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2011, the partners were planning to expand by opening a retail sales shop and decide...

Q: Stoscheck Moving Corporation has been in operation since January 1, 2012

Stoscheck Moving Corporation has been in operation since January 1, 2012. It is now December 31, 2012, the end of the annual accounting period. The company has not done well financially during the fir...

Q: You are the regional sales manager for Miga News Company. Miga

You are the regional sales manager for Miga News Company. Miga is making adjusting entries for the year ended March 31, 2013. On September 1, 2012, customers in your region paid $24,000 cash for three...

Q: The following information was provided by the records of Elm Tree Apartments

The following information was provided by the records of Elm Tree Apartments (a corporation) at the end of the annual fiscal period, December 31, 2011: Rent a. Rent revenue collected in cash during 2...

Q: The pre-closing balances in the T-accounts of Waldman

The pre-closing balances in the T-accounts of Waldman Company at the end of the third year of operations, December 31, 2011, follow. The 2011 adjusting entries are identified by letters. Required: 1...

Q: Carey Land Company, a closely held corporation, invests in commercial

Carey Land Company, a closely held corporation, invests in commercial rental properties. Carey’s annual accounting period ends on December 31. At the end of each year, numerous adjusting entries must...

Q: Waddell Company was organized on January 1, 2011. At the

Waddell Company was organized on January 1, 2011. At the end of the first year of operations, December 31, 2011, the bookkeeper prepared the following trial balances (amounts in thousands of dollars):...

Q: Crystal Mullinex owns and operates Crystal’s Day Spa and Salon, Inc

Crystal Mullinex owns and operates Crystal’s Day Spa and Salon, Inc. She has decided to sell the business and retire. She has had discussions with a representative from a regional ch...