Questions from Financial Accounting


Q: Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor

Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fisca...

See Answer

Q: In groups of three or four, compare the balance sheets of

In groups of three or four, compare the balance sheets of two different companies, and present to the class a summary of the similarities and differences of the two companies. You may obtain the balan...

See Answer

Q: On April 18, 2016, Bontanica Company, a garden retailer

On April 18, 2016, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the di...

See Answer

Q: Assume that you recently accepted a position with Five Star National Bank

Assume that you recently accepted a position with Five Star National Bank & Trust as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating...

See Answer

Q: Classify the following items as (1) prepaid expense, (

Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense: a. Cash received for use of land next month b. Fees earned but not received c....

See Answer

Q: Your sister operates Watercraft Supply Company, an online boat parts distributorship

Your sister operates Watercraft Supply Company, an online boat parts distributorship that is in its third year of operation. The following income statement was recently prepared for the year ended Oct...

See Answer

Q: Cory Neece is planning to manage and operate Eagle Caddy Service at

Cory Neece is planning to manage and operate Eagle Caddy Service at Canyon Lake Golf and Country Club during June through August 2016. Cory will rent a small maintenance building from the country club...

See Answer

Q: The increasing complexity of the current business and regulatory environment has created

The increasing complexity of the current business and regulatory environment has created an increased demand for accountants who can analyze business transactions and interpret their effects on the fi...

See Answer

Q: Dell Inc. and Hewlett-Packard Development Company, L.

Dell Inc. and Hewlett-Packard Development Company, L.P. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows prim...

See Answer

Q: Tiffany Co. is a high-end jewelry retailer, while

Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance sheet inventory disclosu...

See Answer