Questions from Financial Accounting

Q: Each of the balance sheet changes below is associated with a particular

Each of the balance sheet changes below is associated with a particular transaction: a. Equipment increases by $5,000 and cash decreases by $5,000. b. Cash increases by $4,100 and stockholders’ equity...

Q: The following accounts are available for Haubstadt Shoe Works: Accounts

The following accounts are available for Haubstadt Shoe Works: Accounts Payable Accounts Receivable Accumulated Depreciation (Equipment) Advertising Expense Cash Common Stock Cost of Goods Sold Deprec...

Q: Lincoln Corporation was involved in the following transactions during the current year

Lincoln Corporation was involved in the following transactions during the current year: a. Lincoln borrowed cash from the local bank on a note payable. b. Lincoln purchased operating assets on credit....

Q: Jefferson Framers engaged in the following transactions: a. Purchased

Jefferson Framers engaged in the following transactions: a. Purchased land for $35,200 cash. b. Purchased equipment for $16,400 in exchange for a 1-year, 8% note payable. c. Purchased office supplies...

Q: Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment

Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $51,500 cash from customers for rental. 3 Pur...

Q: Balance Sheet listed below are items that may appear on a balance

Balance Sheet listed below are items that may appear on a balance sheet. Item Classification 1. Accounts payable........................................ a. Current assets 2. Machinery.............

Q: Remington Communications has been providing cellular phone service for several years.

Remington Communications has been providing cellular phone service for several years. During November and December, the following transactions occurred: Nov. 2 Remington received $2,400 for November p...

Q: Pasta House Inc. was organized in January 2019. During the

Pasta House Inc. was organized in January 2019. During the year, the transactions below occurred: a. On January 14, Pasta House sold Martin Halter, the firm’s founder and sole owner, 10,000 shares of...

Q: Rosenthal Decorating Inc. is a commercial painting and decorating contractor that

Rosenthal Decorating Inc. is a commercial painting and decorating contractor that began operations in January 2019. The following transactions occurred during the year: a. On January 15, Rosenthal sol...

Q: The following accounts and account balances are available for Badger Auto Parts

The following accounts and account balances are available for Badger Auto Parts at December 31, 2019: Accounts Payable $ 8,500 Income Taxes Payable $ 3,600 Accounts Receivable 40,800 Interest...