Questions from Financial Accounting


Q: Breanna Baxter started an interior design company called Interiors on Demand,

Breanna Baxter started an interior design company called Interiors on Demand, Inc., on June 1, 2016. The following amounts summarize the financial position of her business on June 14, 2016, after the...

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Q: A to Z Fabrication, Inc., engaged in the following business

A to Z Fabrication, Inc., engaged in the following business transactions during August 2016:  A to Z Fabrication, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building, A...

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

Requirements 1. Using the following selected accounts of McGinty Electrical, Inc., at June 30, 2016, prepare the entity’s closing entries:  2. What is McGintyElectrical’s ending Retained Earnings b...

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Q: The following transactions occurred between Retro Furnishings and DM Furniture Warehouse during

The following transactions occurred between Retro Furnishings and DM Furniture Warehouse during July of the current year:  Requirements 1. Journalize these transactions on the books of Retro Furnis...

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Q: Classic Cars, Inc., restores antique automobiles. The retained earnings

Classic Cars, Inc., restores antique automobiles. The retained earnings balance of the corporation was $22,300 at December 31, 2015. During 2016, the corporation paid $20,000 in dividends to its stock...

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Q: Thao Le opened an accounting frm on March 1, 2016.

Thao Le opened an accounting frm on March 1, 2016. During the month of March, the business completed the following transactions:  Requirements 1. Open or set up the following T-accounts: Cash, Acco...

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Q: From the following accounts of Done Right Auto Detail, Inc.,

From the following accounts of Done Right Auto Detail, Inc., prepare the business’s statement of retained earnings for the year ended March 31, 2016: 

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Q: The following transactions for Quality Tire, Inc., occurred during November

The following transactions for Quality Tire, Inc., occurred during November:  Requirements 1. Journalize the transactions on the books of Quality Tire, Inc. 2. What was Quality Tire, Inc.’s gross p...

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Q: Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity

Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues,and Expenses of The Fitness Guru, Inc., at August 31, 2016. The items are listed inalphabetical order.  Require...

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Q: What do the terms 2/10, n/30 mean

What do the terms 2/10, n/30 mean? If you were advising a company that bought goods under these terms, what would you advise it to do with respect to payment? Why?

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