Questions from Financial Accounting

Q: A company’s annual report usually will identify the inventory method used.

A company’s annual report usually will identify the inventory method used. Knowing that, you can analyze the effects of the inventory method on the income statement and balance sheet. Address: www.cis...

Q: Robyn Howser is the bookkeeper for Madison Company. Robyn has been

Robyn Howser is the bookkeeper for Madison Company. Robyn has been trying to determine the correct balance sheet for Madison Company. Madison’s balance sheet is shown below. Instru...

Q: Presented below is financial information related to the 2019 operations of Louisa

Presented below is financial information related to the 2019 operations of Louisa Cruise Company. Maintenance and repairs expense…………. $ 92,000 Utilities expense……………………………………..…10,000 Salaries and wa...

Q: Presented below is information related to Alexis and Ryans, Attorneys at

Presented below is information related to Alexis and Ryans, Attorneys at Law. Retained earnings, January 1, 2019………………$ 23,000 Legal service revenue—2019…………………………340,000 Total expenses—2019………………………...

Q: Primo Industries collected $105,000 from customers in 2019.

Primo Industries collected $105,000 from customers in 2019. Of the amount collected, $25,000 was for services performed in 2018. In addition, Primo performed services worth $40,000 in 2019, which will...

Q: The income statement of Gopitkumar Co. for the month of July

The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expen...

Q: Journalize the following business transactions. (a) Mark Stein

Journalize the following business transactions. (a) Mark Stein invests $9,000 cash in the business in exchange for shares of common stock. (b) Insurance of $800 is paid for the year. (c) Supplies of $...

Q: Aaron Lynch Company has the following balances in selected accounts on December

Aaron Lynch Company has the following balances in selected accounts on December 31, 2019. Service Revenue………. $40,000 Insurance Expense….……. 2,700 Supplies Expense…………. 2,450 All the accounts have n...

Q: Paul Scott Company reports net sales of $800,000,

Paul Scott Company reports net sales of $800,000, gross profit of $370,000, and net income of $240,000. What are its operating expenses?

Q: Monique Enterprises had a stockholders’ equity balance of $158,000

Monique Enterprises had a stockholders’ equity balance of $158,000 at the beginning of the period. At the end of the accounting period, the stockholders’ equity balance was $198,000. (a) Assuming no a...