Questions from Financial Accounting

Q: Calculate the answers for the missing data:

Calculate the answers for the missing data:

Q: Murphy Industrial Systems purchased land, paying $70,000 cash

Murphy Industrial Systems purchased land, paying $70,000 cash as a down payment and signing a $150,000 note payable for the balance. In addition, Murphy Industrial Systems paid delinquent property tax...

Q: Your company sells $90,000 of goods, and you

Your company sells $90,000 of goods, and you collect sales tax of 8 percent. What current liability does the sale create? a. Sales Revenue of $97,200 b. Accounts Payable of $7,200 c. Unearned Revenue...

Q: Refer to the data for E5-16A. However, instead

Refer to the data for E5-16A. However, instead of the FIFO method, assume Golfer’s Delight, Inc., uses the average cost method. Data from E5-16A: Golfer’s Delight, Inc., carries a line of titanium pu...

Q: Cryer’s Produce, Inc.’s checkbook lists the following:

Cryer’s Produce, Inc.’s checkbook lists the following:
Cryers’s Produce, Inc.’s November bank statement shows the following:
Requirements 1. Prepare Cryer’s Produce, Inc.’s bank reconciliatio...

Q: Whelan Transfer manufactures conveyor belts. Early in August 2016, Whelan

Whelan Transfer manufactures conveyor belts. Early in August 2016, Whelan Transfer constructed its own building at a materials, labor, and overhead cost of $910,000. Whelan Transfer paid cash for the...

Q: Assume Bello’s Bikes, Inc., bought and sold a line of

Assume Bello’s Bikes, Inc., bought and sold a line of mountain bikes during October as follows:
Bello’s Bikes, Inc., uses the perpetual inventory system. Requirements 1. Compute the cost of endi...

Q: Information from Karev Photography’s Cash account as well as the January bank

Information from Karev Photography’s Cash account as well as the January bank statement are presented next.

Check #210 was written for $310 to pay salaries expense. Requirements 1. Prepare th...

Q: Westwood Tanning Salon bought three tanning beds in a $19,

Westwood Tanning Salon bought three tanning beds in a $19,000 lump-sum purchase. An independent appraiser valued the tanning beds as follows:
Westwood Tanning Salon paid $8,000 in cash and signed...

Q: Refer to the data for Bello’s Bikes, Inc., in E5

Refer to the data for Bello’s Bikes, Inc., in E5-19A. Data from E5-19A: Assume Bello’s Bikes, Inc., bought and sold a line of mountain bikes during October as follows:
Bello’s Bikes, Inc., uses t...