Questions from Financial Accounting

Q: Many commercials include comments similar to the following: “We accept

Many commercials include comments similar to the following: “We accept VISA” or “We do not accept American Express.” Conduct your own research by contacting at least five companies via interviews, pho...

Q: Determine the maturity date and compute interest for each note.

Determine the maturity date and compute interest for each note.

Q: Samsung’s statement of cash flows in Appendix A reports the change in

Samsung’s statement of cash flows in Appendix A reports the change in cash and equivalents for the year ended December 31, 2018. Identify the cash generated (or used) by operating activities, by inves...

Q: On December 1, Daw Co. accepts a $10,

On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on...

Q: On January 1, Manning Co. purchases and installs a new

On January 1, Manning Co. purchases and installs a new machine costing $324,000 with a five-year life and an estimated $30,000 salvage value. Management estimates the machine will produce 1,470,000 un...

Q: Access the July 28, 2016, 10-K filing (

Access the July 28, 2016, 10-K filing (for year-end June 30, 2016) of Microsoft (ticker: MSFT) at SEC.gov. Review its note 4, “Investments.” Required 1. How does the “cost-basis” total amount for its...

Q: Analyze each of the following transactions by showing the effects on the

Analyze each of the following transactions by showing the effects on the accounting equation— specifically, identify the accounts and amounts (including + or −) for each transaction. a. The company pr...

Q: On July 23 of the current year, Dakota Mining Co.

On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The c...

Q: On April 1 of Year 1, Respawn accepted a $10

On April 1 of Year 1, Respawn accepted a $10,000, 12-month, 8% note from a customer in granting a time extension on his past-due account receivable. Respawn’s year-end is December 31. Compute interest...

Q: Prepare journal entries to record the following transactions of Namco.

Prepare journal entries to record the following transactions of Namco. April 1 Accepted a $5,000, 90-day, 4% note from Travis in granting a time extension on his past-due account receivable. June 30...