Questions from Financial Accounting

Q: ERS Inc. maintains and repairs office equipment. ERS had an

ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at...

Q: The following information is available for Bergin Pastry Shop.

The following information is available for Bergin Pastry Shop. Gross margin........................................................................... $34,700 Income from operations.....................

Q: The following information is available for Wright Auto Supply at December 31

The following information is available for Wright Auto Supply at December 31, 2019. Cost of goods sold $292,000 Rent expense $ 21,000 Depreciation expense 31,250 Salaries (administrative)...

Q: At the end of 2018, Sherwood Company had retained earnings of

At the end of 2018, Sherwood Company had retained earnings of $18,240. During 2019, Sherwood had revenues of $837,400 and expenses of $792,100, and paid cash dividends in the amount of $38,650. Requi...

Q: Name and describe the three main types of business activities.

Name and describe the three main types of business activities.

Q: Walters Inc. began operations on January 1, 2019. The

Walters Inc. began operations on January 1, 2019. The following information relates to Walters’ cash flows during 2019. Cash received from owners $201,500 Cash paid to purchase machine $32...

Q: Zachary Corporation’s December 31, 2018 balance sheet included the following amounts

Zachary Corporation’s December 31, 2018 balance sheet included the following amounts: Cash...................................... $ 20,400 Retained earnings.................. 105,600 Zachary’s accoun...

Q: The following information for Kellman Inc. is available at the end

The following information for Kellman Inc. is available at the end of 2019. Total assets on 12/31/2018 $82,400 Common stock on 12/31/2018 $50,000 Total assets on 12/31/2019 88,500 Common stock on...

Q: During 2019, Moore Corporation paid $20,000 of dividends

During 2019, Moore Corporation paid $20,000 of dividends. Moore’s assets, liabilities, and common stock at the end of 2018 and 2019 were: Required: Using the information provided, c...

Q: DeSalle Company’s annual report includes the following items: financial statements,

DeSalle Company’s annual report includes the following items: financial statements, notes to the financial statements, management’s discussion and analysis, and a report of independent accountants. R...