Questions from Financial Accounting

Q: New Deli is in the process of closing its operations. It

New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $341,000. The ovens originally cost $455,000, had an estimated service life of 10 years, had...

Q: Papa’s Pizza is the market leader and Pizza Prince is an up

Papa’s Pizza is the market leader and Pizza Prince is an up-and-coming player in the highly competitive delivery pizza business. The companies reported the following selected financi...

Q: Listed below are several terms and phrases associated with current liabilities.

Listed below are several terms and phrases associated with current liabilities. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.

Q: Eskimo Joe’s, designer of the world’s second best-selling T

Eskimo Joe’s, designer of the world’s second best-selling T-shirt (just behind Hard Rock Cafe), borrows $21 million cash on November 1, 2021. Eskimo Joe’s signs a six-month, 7% promissory note to Stil...

Q: Kashi Sales, L.L.C., produces healthy,

Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $500,000 and the following withholding...

Q: Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about

Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees’ well-being. The company offers its employees free medical, dental, and life insurance co...

Q: Named in honor of the late Dr. F. C.

Named in honor of the late Dr. F. C. “Phog” Allen, the Kansas Jayhawks’ head coach for 39 years, Allen Fieldhouse is labeled by many as one of the best places in America to watch a college basketball...

Q: Logan’s Roadhouse opened a new restaurant in November. During its first

Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $2,300. The cards are redeemable for meals w...

Q: Compact Electronics is a leading manufacturer of digital camera equipment. Assume

Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. Required: Record any amounts as a result of...

Q: Bryan Eubank began his accounting career as an auditor for a Big

Bryan Eubank began his accounting career as an auditor for a Big 4 CPA firm. He focused on clients in the high-technology sector, becoming an expert on topics such as inventory write-downs, stock opti...