Questions from Financial Accounting

Q: Four different proprietorships, Dakota, Jersey, Carolina, and Iowa

Four different proprietorships, Dakota, Jersey, Carolina, and Iowa, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’...

Q: The accounts in the ledger of Hickory Furniture Company as of December

The accounts in the ledger of Hickory Furniture Company as of December 31, 20Y6, are listed in alphabetical order below. All accounts have normal balances. The balance of the cash account has been int...

Q: When preparing the financial statements for the year ended October 31,

When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. The accrued salaries were included in the first salary pay...

Q: Financial information related to Pegasus Products Company, a proprietorship, for

Financial information related to Pegasus Products Company, a proprietorship, for the month ended April 30, 20Y7, is as follows: Net income for April …………………………………………….. $161,000 Brian Walinsky’s withd...

Q: Hermes Services was organized on August 1, 20Y2. A summary

Hermes Services was organized on August 1, 20Y2. A summary of the revenue and expense transactions for August follows: Fees earned …………….……. $627,600 Wages expense ……………….. 440,800 Rent expense ………….…...

Q: Identify the errors in the following trial balance. All accounts have

Identify the errors in the following trial balance. All accounts have normal balances.

Q: Financial information related to the proprietorship of Rockwell Interiors for February and

Financial information related to the proprietorship of Rockwell Interiors for February and March 20Y0 is as follows: a. Prepare balance sheets for Rockwell Interiors as of February 29 and March 31, 2...

Q: The following preliminary unadjusted trial balance of Ranger Co., a sports

The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) The debits...

Q: The following data (in millions) were taken from the financial

The following data (in millions) were taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round...

Q: A summary of cash flows for Ethos Consulting Group for the year

A summary of cash flows for Ethos Consulting Group for the year ended May 31, 20Y6, follows: Cash receipts: Cash received from customers ……………………………………… $637,500 Cash received from additional investme...