Questions from Financial Accounting

Q: Summarized operations for Lakeview Co. for the month of July are

Summarized operations for Lakeview Co. for the month of July are as follows. Revenues recognized: for cash $30,000; on account $70,000. Expenses incurred: for cash $26,000; on account $38,000. Indicat...

Q: Dashan Company debits Supplies Expense for all purchases of supplies and credits

Dashan Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.

Q: Mark Davis formed a lawn service company as a summer job.

Mark Davis formed a lawn service company as a summer job. To start the business on May 1, he deposited $2,000 in a new bank account in the name of the corporation. The $2,000 consisted of a $1,600 loa...

Q: For each of the following situations, answer the following questions:

For each of the following situations, answer the following questions: 1. What is the ethical issue in this situation? 2. What are the alternatives? 3. Who are the stakeholders? What are the possibl...

Q: The notes are part of the financial statements. They give details

The notes are part of the financial statements. They give details that would clutter the statements. This case will help you learn to use a company’s inventory notes. Refer to Amazon.com, Inc.s consol...

Q: Refer to Amazon.com, Inc.s Consolidated Financial Statements

Refer to Amazon.com, Inc.s Consolidated Financial Statements in Appendix A at the end of the book, and answer the following questions: 1. Refer to Note 1 and Note 3 of the Notes to Consolidated Finan...

Q: Refer to Amazon.com, Inc.s consolidated financial statements

Refer to Amazon.com, Inc.s consolidated financial statements in Appendix A at the end of this book. 1. Did accounts payable for Amazon.com, Inc., increase or decrease in 2008? What was the amount? Wh...

Q: Pastry People and Coffee Grind are both specialty food chains. The

Pastry People and Coffee Grind are both specialty food chains. The two companies reported these figures, in millions: Requirements 1. Compute the gross profit percentage and the rate of inventory t...

Q: Daves Convenience Stores income statement and balance sheet reported the following.

Daves Convenience Stores income statement and balance sheet reported the following. The business is organized as a proprietorship, so it pays no corporate income tax. The owner is budgeting for 2010....

Q: The accounting records of Waterville Video Sales show these data (in

The accounting records of Waterville Video Sales show these data (in millions). The shareholders are very happy with Watervilles steady increase in net income. Auditors discovered that the ending inv...