Questions from Financial Accounting


Q: The assets and liabilities of Wilderness Travel Service on April

The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows:Common stock was $25,000 and retained earnings was $155,000 as of Ma...

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Q: The following comparative income statement (in thousands of dollars) for

The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several m...

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Q: On November 1, 20Y9, Lexi Martin established an interior decorating

On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Enter the following...

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Q: The unadjusted trial balance of Epicenter Laundry at June 30,

The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, follows:The data needed to determine year-end adjustments are as follows:(a) Laundry supplies on hand at...

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Q: The cash account for Pala Medical Co. at June 30,

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accom...

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Q: Ehrlich Co. began business on January 2. Salaries were paid

Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amou...

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Q: The following transactions were completed by Winklevoss Inc., whose fiscal

The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:Instructions:1. Journalize the entries to record the transactions. Round all amounts to the nearest...

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Q: The unadjusted trial balance of La Mesa Laundry at August

The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows:The data needed to determine year-end adjustments are as follows:(a) Wages accrued but not paid...

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Q: On October 1, 20Y4, Jay Pryor established an interior decorating

On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:Enter the following trans...

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Q: The following transactions were completed by Montague Inc., whose fiscal

The following transactions were completed by Montague Inc., whose fiscal year is the calendar year:Instructions:1. Journalize the entries to record the foregoing transactions.2. Indicate the amount of...

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