Questions from Financial Accounting


Q: The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial

The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjust...

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Q: A summary of cash flows for Up-in-the-

A summary of cash flows for Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follows: Cash receipts: Cash received from customers ………………………………….. $1,803,000 Cash received from additiona...

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Q: Amazon.com, Inc. is the largest Internet retailer in

Amazon.com, Inc. is the largest Internet retailer in the United States. Amazon’s income statements through operating income for two recent years are as follows (in millions): a. Pre...

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Q: The following data are taken from recent financial statements of Nike,

The following data are taken from recent financial statements of Nike, Inc. (in millions): a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2. R...

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Q: The balance in the unearned fees account, before adjustment at the

The balance in the unearned fees account, before adjustment at the end of the year, is $23,100. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $4,620....

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Q: Identify each of the following as (a) A current

Identify each of the following as (a) A current asset or (b) Property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Land 5. Prepaid Insurance 6. Supplies

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Q: MaxFit Weight Loss Co. offers personal weight reduction consulting services to

MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4, the end of the fiscal year, the balances of se...

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Q: List the errors you find in the following balance sheet. Prepare

List the errors you find in the following balance sheet. Prepare a corrected balance sheet.

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Q: From the list that follows, identify the accounts that should be

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a. Accounts Receivable b. Accumulated Depreciation c. Building d....

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Q: Prior to closing, total revenues were $8,315,

Prior to closing, total revenues were $8,315,000 and total expenses were $6,460,000. During the year, the owner made no additional investments and withdrew $408,000. After the closing entries, how muc...

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