Questions from Financial Accounting

Q: Refer to the accounts listed below. a. Accounts Receivable

Refer to the accounts listed below. a. Accounts Receivable b. Accounts Payable c. Cash d. Equipment e. Notes Payable f. Rent Expense g. Salaries Expense h. Service Revenue Required: For each of the a...

Q: Galle Inc. entered into the following transactions during January.

Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cas...

Q: Listed below are selected T-accounts and their beginning balances for

Listed below are selected T-accounts and their beginning balances for Galle Inc.  Cash    Accounts Receivable      12,000     6,300                         ...

Q: Six statements are given below: a. The two fundamental

Six statements are given below: a. The two fundamental qualitative characteristics that information should possess are __________ and __________. b. __________ is the characteristic that allows extern...

Q: Five common accounting practices are listed below: a. A

Five common accounting practices are listed below: a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. b. Jim Tro...

Q: You have the following data for Cable Company’s accounts receivable and accounts

You have the following data for Cable Company’s accounts receivable and accounts payable for 2019: Accounts receivable, 1/1/2019............................ $ 6,325 2019 Sales on credit.................

Q: Kathryn Goldsmith is the chief accountant for Clean Sweep, a national

Kathryn Goldsmith is the chief accountant for Clean Sweep, a national carpet-cleaning service with a December fiscal year-end. As Kathryn was preparing the 2019 financial statements for Clean Sweep, s...

Q: Obtain General Electric’s 2016 annual report either through the ‘‘Investor Relations’’

Obtain General Electric’s 2016 annual report either through the ‘‘Investor Relations’’ portion of its website (do a web search for GE investor relations) or go to www.sec.gov and click ‘‘Company Filin...

Q: Refer to the 10-K reports of Under Armour, Inc

Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: 1. Determine the amounts in the acco...

Q: Ehrlich Smith, the owner of The Shoe Box, has asked

Ehrlich Smith, the owner of The Shoe Box, has asked you to help him understand the proper way to account for certain accounting items as he prepares his 2019 financial statements. Smith has provided t...