Questions from Financial Accounting

Q: Lance Bachman is uncertain about the control features of a bank account

Lance Bachman is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.

Q: The following reconciling items are applicable to the bank reconciliation for

The following reconciling items are applicable to the bank reconciliation for Ellington Company. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. (b) Bank debit...

Q: Using the data in BE7-11, indicate (a

Using the data in BE7-11, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment. Reference Data BE 7-11: The foll...

Q: At December 31, accrued salaries payable totaled $3,500

At December 31, accrued salaries payable totaled $3,500. On January 10, total salaries of $8,000 are paid. (a) Assume that reversing entries are made at January 1. Give the January 10 entry, and indi...

Q: At July 31, Ramirez Company has the following bank information:

At July 31, Ramirez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,620, and a bank service charge $20. Determine the adjusted...

Q: At August 31, Pratt Company has a cash balance per books

At August 31, Pratt Company has a cash balance per books of $9,500 and the following additional data from the bank statement: charge for printing Pratt Company checks $35 and interest earned on checki...

Q: In the month of November, Fiesta Company Inc. wrote checks

In the month of November, Fiesta Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,762 were written. In November, $8,800 of these checks were presented to the...

Q: Zhang Company has the following cash balances: Cash in Bank $

Zhang Company has the following cash balances: Cash in Bank $15,742, Payroll Bank Account $6,000, and Plant Expansion Fund Cash $25,000 to be used two years from now. Explain how each balance should b...

Q: The financial statements of Apple Inc. are presented in Appendix A

The financial statements of Apple Inc. are presented in Appendix A. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also...

Q: PepsiCo’s financial statements are presented in Appendix B. Financial statements of

PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca- Cola Company are presented in Appendix C. Instructions for accessing and using the compl...