Questions from Financial Accounting

Q: Jackson Mountain is a small ski resort located in northern Connecticut.

Jackson Mountain is a small ski resort located in northern Connecticut. In recent years, the resort has experienced two major problems: (1) unusually low annual snowfalls and (2) long lift lines. To r...

Q: Boom, Inc., sells business software. Currently, all of

Boom, Inc., sells business software. Currently, all of its programs come on disks. Due to their complexity, some of these applications occupy as many as seven disks. Not only are the disks cumbersome...

Q: Chris North is the founder and president of North Enterprises, a

Chris North is the founder and president of North Enterprises, a real estate development venture. Instructions: a. Prepare journal entries to record these transactions. Select the appropriate accoun...

Q: Lyons, Inc., provides consulting services. A few of the

Lyons, Inc., provides consulting services. A few of the company’s business transactions occurring during June are described as follows. 1. On June 1, the company billed customers $6,000 on account fo...

Q: Dana, Inc., provides civil engineering services. During October,

Dana, Inc., provides civil engineering services. During October, its transactions included the following. Instructions: a. Analyze the effects that each of these transactions will have on the follow...

Q: Jensen Fences uses job order costing. Manufacturing overhead is charged to

Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appea...

Q: In March, current year, Mary Tone organized a corporation to

In March, current year, Mary Tone organized a corporation to provide package delivery services. The company, called Tone Deliveries, Inc., began operations immediately. Transactions during the month o...

Q: Satellite World was founded in 2020 to apply a new technology for

Satellite World was founded in 2020 to apply a new technology for efficiently transmitting closed-circuit (cable) television signals without the need for an in-ground cable. The company earned a profi...

Q: Dr. Cravat, DMD, opened a dental clinic on August

Dr. Cravat, DMD, opened a dental clinic on August 1, current year. The following are the business transactions for August. A partial list of account titles used by Dr. Cravati includes the following....

Q: Hearthstone sells commercial kitchen equipment. At December 31, year 1

Hearthstone sells commercial kitchen equipment. At December 31, year 1, Hearthstone’s inventory amounted to $900,000. During the first week of January, year 2, the company made only...