Questions from Financial Accounting

Q: On May 20, Montero Co. paid $150,000

On May 20, Montero Co. paid $150,000 to acquire 30 shares (4%) of ORD Corp. as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for $18,000. 1. Prepare entries to record b...

Q: Garcia Company had the following selected transactions during the year.

Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $6,000 cash for 12 months of insurance coverage beginning immediately. Aug. 1 The company received $...

Q: On December 31, Yates Co. prepared an adjusting entry for

On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting revenue. On January 16, Yates received $26,700 cash as payment in full for consulting work it prov...

Q: For each of the following separate situations, determine how much revenue

For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting). a. On December 7, Oklahoma City Thunder sold a $90 ticket to a bas...

Q: For each of the following separate situations, determine the amount of

For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual basis accounting). a. Chipotle has monthly wages expense of $3,2...

Q: Pablo Management has five employees, each of whom earns $250

Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monda...

Q: For each of the following separate cases, prepare adjusting entries required

For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended December 31. Entries can draw from the following partial chart of accounts: Cash...

Q: Analyze each adjusting entry in Exercise 3-6 by showing its

Analyze each adjusting entry in Exercise 3-6 by showing its effects on the accounting equation— specifically, identify the accounts and amounts (including + or ) for each transaction or event.

Q: Prepare year-end adjusting journal entries for M&R Company

Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the following separate cases. Entries can draw from the following partial chart of accounts: Cash; Accounts Rec...

Q: Analyze each adjusting entry in Exercise 3-8 by showing its

Analyze each adjusting entry in Exercise 3-8 by showing its effects on the accounting equation— specifically, identify the accounts and amounts (including + or −) for each transaction or event.