Questions from Financial Accounting

Q: Following are unadjusted balances along with year-end adjustments for Quinlan

Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance by entering the adjusted balance for each of the following accounts.

Q: Common categories of a classified balance sheet include Current Assets, Long

Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, and Long-Term Liabilities. For each of the followin...

Q: Use the following adjusted trial balance of Sierra Company to prepare its

Use the following adjusted trial balance of Sierra Company to prepare its (1) income statement and (2) Statement of retained earnings for the year ended December 31. The Retained Earnings account bala...

Q: Identify whether each of the following items are included as part of

Identify whether each of the following items are included as part of general-purpose financial statements. a. Income statement b. Balance sheet c. Shareholders’ meetings d. Financial statement notes e...

Q: Analyze Rowan’s entries (1 through 3) from QS C-

Analyze Rowan’s entries (1 through 3) from QS C-16 by showing each entry’s effect on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each.

Q: SCC Co. reported the following for the current year: net

SCC Co. reported the following for the current year: net sales of $48,000; cost of goods sold of $40,000; beginning balance in inventory of $2,000; and ending balance in inventory of $8,000. Compute (...

Q: Dundee Co. reported the following for the current year: net

Dundee Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $60,000; beginning balance of total assets of $115,000; and ending balance of total assets of $85,00...

Q: Paddy’s Pub reported the following year-end data: income before

Paddy’s Pub reported the following year-end data: income before interest expense and income tax expense of $30,000; cost of goods sold of $17,000; interest expense of $1,500; total assets of $70,000;...

Q: Edison Co. reported the following for the current year: net

Edison Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $56,000; net income of $16,000; beginning balance of total assets of $60,000; and ending balance of...

Q: Franklin Co. reported the following year-end data: net

Franklin Co. reported the following year-end data: net income of $220,000; annual cash dividends per share of $3; market price per (common) share of $150; and earnings per share of $10. Compute the a....