Questions from Financial Accounting

Q: Determine the missing amounts in the following accounting equations.

Determine the missing amounts in the following accounting equations.

Q: Using the steps outlined in the five-step transaction analysis,

Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Marx Plumbing, Inc. Explanations are not required.

Q: Requirements 1. Using the following selected accounts of Ramirez Electrical

Requirements 1. Using the following selected accounts of Ramirez Electrical, Inc., at November 30, 2016, prepare the entity’s closing entries:
2. What is Ramirez Electrical, Inc.’s ending Retained...

Q: Whole Foods, Inc., had Gross Sales of $582,

Whole Foods, Inc., had Gross Sales of $582,000, Sales Returns and Allowances of $18,000, and Sales Discounts of $4,000 in 2016. Cost of goods sold was $224,000, and net income was $84,000 for the year...

Q: Amicho Deli had $94,000 of total assets and $

Amicho Deli had $94,000 of total assets and $10,000 of total stockholders’ equityat July 31, 2016. At July 31, 2017, Amicho Deli had assets totaling $151,000 andstockholders’ equity totaling $112,000....

Q: Rudenko& Associates, Inc., completed the following transactions during July

Rudenko& Associates, Inc., completed the following transactions during July 2016, its first month of operations:
Requirement 1. Using the steps outlined in the five-step transaction analysis, jour...

Q: From the following accounts of Classy Restorations, Inc., prepare the

From the following accounts of Classy Restorations, Inc., prepare the business’s state ment of retained earnings for the year ended November 30, 2016:

Q: The Inventory account for Richards Industrial, Inc., had a balance

The Inventory account for Richards Industrial, Inc., had a balance of $110,100 at the end of its fiscal year. A physical count taken at year-end revealed that the value of inventory on hand amounted t...

Q: Tony’s Advertising started a business in 2016 with total assets of $

Tony’s Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000. At the end of 2016, Tony’s Advertising’s total assets were $39,000 and total liabilities we...

Q: The transactions for Inspired Design, Inc., for the month of

The transactions for Inspired Design, Inc., for the month of March 2016 are posted in the following T-accounts.
Requirements 1. Calculate account balances at March 31, 2016. 2. Prepare the trial b...