Questions from Financial Accounting


Q: Identify the errors in the following trial balance. All accounts have

Identify the errors in the following trial balance. All accounts have normal balances.

See Answer

Q: Parilo Company acquired $170,000 of Makofske Co., 5

Parilo Company acquired $170,000 of Makofske Co., 5% bonds on May 1, 20Y5, at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, 20Y5, Parilo sold $50,000 of the...

See Answer

Q: On September 12, 2,000 shares of Aspen Company were

On September 12, 2,000 shares of Aspen Company were acquired at a price of $50 per share plus a $200 brokerage commission. On October 15, a $0.50-per-share dividend was received on the Aspen stock. On...

See Answer

Q: A summary of cash flows for Ethos Consulting Group for the year

A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2018, follows: Cash receipts: Cash received from customers………………………………….$637,500 Cash received from issuing common stock…...

See Answer

Q: We-Sell Realty, organized as a corporation on August 1

We-Sell Realty, organized as a corporation on August 1, 2018, is owned and operated by Omar Farah, the sole stockholder. How many errors can you find in the following statements for We-Sell Realty, pr...

See Answer

Q: The unadjusted and adjusted trial balances for American Leaf Company on October

The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2018, follow: Journalize the five entries that adjusted the accounts at October 31, 2018. None of the accounts wer...

See Answer

Q: On January 1, 20Y9, Valuation Allowance for Trading Investments had

On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y9, the cost of the trading securities portfolio was $41,500, and the fair value was $46,300. Jour...

See Answer

Q: Journalize the entries to record the following selected bond investment transactions for

Journalize the entries to record the following selected bond investment transactions for Starks Products: A. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of $1,00...

See Answer

Q: Kalyagin Investments acquired $220,000 of Jerris Corp., 7

Kalyagin Investments acquired $220,000 of Jerris Corp., 7% bonds at their face amount on October 1, 20Y2. The bonds pay interest on October 1 and April 1. On April 1, 20Y3, Kalyagin sold $80,000 of Je...

See Answer

Q: The Radiology Department provides imaging services for Emergency Medical Center. One

The Radiology Department provides imaging services for Emergency Medical Center. One important activity in the Radiology Department is transcribing digitally recorded analyses of images into a written...

See Answer