Questions from Financial Accounting

Q: King Company failed to record depreciation of equipment. How does this

King Company failed to record depreciation of equipment. How does this omission affect Kings financial statements? a. Net income is overstated and assets are understated. b. Net income is overstated...

Q: Jimmys DVD, Inc., uses the double-declining-balance

Jimmys DVD, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the first year? a. Original cost b. Expected useful...

Q: A fire during 2010 destroyed most of the accounting records of Clearview

A fire during 2010 destroyed most of the accounting records of Clearview Cablevision, Inc. The only accounting data for 2010 that Clearview can come up with are the following balances at December 31,...

Q: D. J. Hunters checkbook lists the following: /

D. J. Hunters checkbook lists the following: The June bank statement shows Requirement 1. Prepare Hunters bank reconciliation at June 30.

Q: Which of the following costs is reported on a companys income statement

Which of the following costs is reported on a companys income statement? a. Land b. Accumulated depreciation c. Depreciation expense d. Accounts payable

Q: Which of the following items is reported on the balance sheet?

Which of the following items is reported on the balance sheet? a. Gain on disposal of equipment b. Accumulated depreciation c. Cost of goods sold d. Net sales revenue

Q: FastscarsWarehouse operates in a state with a 5.5% sales

FastscarsWarehouse operates in a state with a 5.5% sales tax. For convenience, Fastscars Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collected from each custome...

Q: Alexander, Inc., manufactures and sells computer monitors with a three

Alexander, Inc., manufactures and sells computer monitors with a three-year warranty . Warranty costs are expected to average 7% of sales during the warranty period. The following table shows the sale...

Q: Yesterdays Fashions has a debt that has been properly reported as a

Yesterdays Fashions has a debt that has been properly reported as a long-term liability up to the present year (2010). Some of this debt comes due in 2010. If Yesterdays Fashions continues to report t...

Q: A bond with a face amount of $10,000 has

A bond with a face amount of $10,000 has a current price quote of 104.885. What is the bonds price? a. $10,488.50 b. $1,048,850 c. $1,048.85 d. $10,104.89