Questions from Financial Accounting

Q: Zolnick Enterprises has two hourly employees: Kelly and Jon. Both

Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the So...

Q: Give some examples of long term operational assets that each of the

Give some examples of long term operational assets that each of the following companies is likely to own: (a) Caterpillar, (b) Amtrak, (c) Facebook, and (d) Bank of America Corp.

Q: Which of the following items should be classified as long-term

Which of the following items should be classified as long-term operational assets? a. Prepaid insurance b. Coal mine c. Office equipment d. Accounts receivable e. Supplies f. Copyright g. Delivery van...

Q: Required Identify each of the following long-term operational assets

Required Identify each of the following long-term operational assets as either tangible (T) or intangible (I): a. Pizza oven b. Land c. Franchise d. Filing cabinet e. Copyright f. Silver mine g. Offi...

Q: The following selected transactions apply to Topeca Supply for November and December

The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to t...

Q: Which of the following would be debited to the Inventory account for

Which of the following would be debited to the Inventory account for a merchandising business using the perpetual inventory system? Required: a. Transportation-out. b. Purchase discount. c. Transport...

Q: The following three independent sets of facts relate to contingent liabilities:

The following three independent sets of facts relate to contingent liabilities: 1. In November of the current year, an automobile manufacturing company recalled all pickup trucks manufactured during t...

Q: To support herself while attending school, Daun Deloch sold stereo systems

To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Daun purchased the stereo systems for $140,000 and sold them for $250...

Q: The accounts receivable balance for Edd’s Shoe Repair at December 31,

The accounts receivable balance for Edd’s Shoe Repair at December 31, Year 1, was $76,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $3,200. During Year 2, $2,900 of ac...

Q: Juno Inc. experienced the following events for the first two years

Juno Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $5,000 of common stock for cash. 2. Provided $80,000 of services on account. 3. Provided $22,00...