Questions from Financial Accounting

Q: A company reports the following: Net income………………………………………………..$410

A company reports the following: Net income………………………………………………..$410,000 Preferred dividends……………………………………..$60,000 Shares of common stock outstanding………………50,000 Market price per share of common stoc...

Q: Indicate with a Yes or No whether or not each of the

Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: A. Building B. Cash C. Wages Expense D. Miscellaneous Expense E. Common Stock F. Prepaid...

Q: Be-The-One is a motivational consulting business. At

Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 2017, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, d...

Q: On June 1, 2018, Herbal Co. received $18

On June 1, 2018, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2018.

Q: The following accounts appear in an adjusted trial balance of Kangaroo Consulting

The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the (A) current asset; (B) property, plant, and equipment; (C) cur...

Q: The balances for the accounts that follow appear in the Adjusted Trial

The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained ea...

Q: Big Sound Inc. manufactures two products: receivers and loudspeakers.

Big Sound Inc. manufactures two products: receivers and loudspeakers. The factory overhead incurred is as follows: Indirect labor………â...

Q: Journalize the following merchandise transactions: A. Sold merchandise on

Journalize the following merchandise transactions: A. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. B. Received payment less the discount. C. Refu...

Q: Prospect Realty Co. pays weekly salaries of $27,600

Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assumi...

Q: The following data were gathered to use in reconciling the bank account

The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank……………………………………………..$18,250 Balance per company records……………………………..12,045 Bank service char...