Questions from Financial Accounting

Q: The adjusted trial balance of Valley Realty, Inc., at December

The adjusted trial balance of Valley Realty, Inc., at December 31, 2016, follows:
Requirements 1. Prepare Valley Realty’s income statement and statement of retained earnings for the year ending De...

Q: The adjusted trial balance Checker Flag Auto, Inc., as of

The adjusted trial balance Checker Flag Auto, Inc., as of January 31, 2016, is presented next:
Requirements 1. Prepare the multi-step income statement for January for Checker Flag Auto, Inc. 2. Ca...

Q: The September 30, 2016, adjusted trial balance of Java Hut

The September 30, 2016, adjusted trial balance of Java Hut, Inc., is shown next.
Requirements 1. Prepare the September closing entries for Java Hut, Inc. 2. Calculate the ending balance in Retaine...

Q: The accounts for the year ended October 31, 2016, for

The accounts for the year ended October 31, 2016, for Lake City Industries, Inc., are listed next:
Requirements 1. Prepare Lake City Industries, Inc.’s multi-step income statement. 2. Prepare Lake...

Q: Journalize the adjusting entries needed at December 31, the end of

Journalize the adjusting entries needed at December 31, the end of the current accounting year, for each of the following independent cases affecting Canyon Motorsports, Inc. No other adjusting entrie...

Q: Use the data for Lake City Industries, Inc., from P4

Use the data for Lake City Industries, Inc., from P4-48B. Information P4-48B: The accounts for the year ended October 31, 2016, for Lake City Industries, Inc., are listed next:
Requirements 1. Cal...

Q: Assume the unadjusted and adjusted trial balances for Affordable Pet Dental,

Assume the unadjusted and adjusted trial balances for Affordable Pet Dental, Inc., at September 30, 2016, show the following data:
Requirement 1. Journalize the adjusting entries that account for...

Q: How many accounts are involved in recording the sale of merchandise on

How many accounts are involved in recording the sale of merchandise on credit?

Q: Suppose Riley Electronics, Inc., had sales of $280,

Suppose Riley Electronics, Inc., had sales of $280,000 and sales returns of $26,000. Cost of goods sold was $112,000. How much gross profit did Riley Electronics, Inc., report? a. $168,000 b. $142,00...

Q: Regal Spas, Inc., purchased $11,800 worth of

Regal Spas, Inc., purchased $11,800 worth of inventory from the Pool Palace on account, terms of 2/10, n/30. Some of the goods are damaged in shipment, so Regal Spas, Inc., returns $2,300 of the merch...