Questions from Financial Accounting

Q: Singleton Inc. uses the accrual basis of accounting and had the

Singleton Inc. uses the accrual basis of accounting and had the following transactions during the year. a. Merchandise was sold to customers on credit. b. Purchased equipment to be used in the operati...

Q: Listed below are the forms of business organization and several related advantages

Listed below are the forms of business organization and several related advantages or disadvantages. Form of Business Advantage or Disadvantage Organization 1. Sole proprietorship a. Most co...

Q: Powers Rental Service had the following items that require adjustment at year

Powers Rental Service had the following items that require adjustment at year end. a. Earned $9,880 of revenue from the rental of equipment for which the customer had not yet paid. b. Interest of $650...

Q: Manning Manufacturing Inc. had the following items that require adjustment at

Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,320 that were earned in December are unrecorded and unpaid. b. Used $1,970 of utilities in Dec...

Q: Olney Cleaning Company had the following items that require adjustment at year

Olney Cleaning Company had the following items that require adjustment at year end. a. For one cleaning contract, $14,520 cash was received in advance. The cash was credited to Unearned Service Revenu...

Q: Best Company had the following items that require adjustment at year end

Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At...

Q: Pain-Free Dental Group Inc. purchased dental supplies of $

Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adju...

Q: LaGarde Company has a machine that it purchased for $125,

LaGarde Company has a machine that it purchased for $125,000 on January 1. Annual depreciation on the machine is estimated to be $14,500. Required: 1. Prepare the adjusting entry needed at the end of...

Q: When adjusting entries were made at the end of the year,

When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments. a. Wages of $2,900 had been earned by employees but were unpaid. b. $...

Q: Refer to the information for Sparrow Company. /

Refer to the information for Sparrow Company. Required: Prepare a single-step income statement for Sparrow for 2019.