Questions from Financial Accounting

Q: Rebel Technology maintains its records using cash-basis accounting. During

Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $50,000, and paid cash for salaries, $21,900. At the beginning of the yea...

Q: At the beginning of May, Golden Gopher Company reports a balance

At the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supp...

Q: Suppose Hoosiers, a specialty clothing store, rents space at a

Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200 ($2,100/month) in advance on October 1. (1) Record the payment of rent in advance on October 1. (...

Q: Mountaineer Excavation operates in a low-lying area that is subject

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $36,00...

Q: Beaver Construction purchases new equipment for $50,400 cash on

Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resal...

Q: Match each of the following provisions of the Sarbanes-Oxley Act

Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description.

Q: Bourne Incorporated reports a cash balance at the end of the month

Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company’s cash records with the monthly bank statement reveals several additional cash transactions: b...

Q: Refer to the information in BE4–10. Required:

Refer to the information in BE4–10. Required: Record the necessary entries to adjust the balance of cash.

Q: Brangelina Adoption Agency’s general ledger shows a cash balance of $4

Brangelina Adoption Agency’s general ledger shows a cash balance of $4,593. The balance of cash in the March-end bank statement is $7,345. A review of the bank statement reveals the following informat...

Q: Larry has been the chief financial officer (CFO) of Maxima

Larry has been the chief financial officer (CFO) of Maxima Auto Service for the past 10 years. The company has reported profits each year it’s been in business. However, this year has been a tough one...