Questions from Financial Accounting

Q: Presented here is information for Zheng Inc. for 2017.

Presented here is information for Zheng Inc. for 2017. Retained earnings, January 1 ……………………..$130,000 Service revenue……………………..……………………400,000 Total expenses……………………..……………………..175,000 Dividends……………...

Q: Who are the external users of accounting data? Give examples.

Who are the external users of accounting data? Give examples.

Q: Eskimo Pie Corporation markets a broad range of frozen treats, including

Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each...

Q: Sylvia Ayala recently accepted a job in the production department at Apple

Sylvia Ayala recently accepted a job in the production department at Apple. Before she starts work, she decides to review the company’s annual report to better understand its operations. The content a...

Q: Consider each of the following independent situations. (a)

Consider each of the following independent situations. (a) The retained earnings statement of Lee Corporation shows dividends of $68,000, while net income for the year was $75,000. (b) The statement o...

Q: What are the three main types of business activity? Give examples

What are the three main types of business activity? Give examples of each activity.

Q: Indicate which statement you would examine to find each of the following

Indicate which statement you would examine to find each of the following items: Income statement (IS), balance sheet (BS), retained earnings statement (RES), or statement of cash flows (SCF). (a) Reve...

Q: The following items and amounts were taken from Lonyear Inc.’s

The following items and amounts were taken from Lonyear Inc.’s 2017 income statement and balance sheet. Instructions (a) In each, case, identify on the blank line whether the item i...

Q: Presented below are five independent situations. (a) Three

Presented below are five independent situations. (a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange transactio...

Q: Listed here are some items found in the financial statements of Finzelberg

Listed here are some items found in the financial statements of Finzelberg. Indicate in which financial statement(s) each item would appear. (a) Service revenue. (b) Equipment. (c) Advertising expense...