Questions from General Accounting

Q: Listed here are a number of financial statement captions. Indicate in

Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be...

Q: The information presented here represents selected data from the December 31,

The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms: Required: Calculate the missing amou...

Q: Porter, Inc., acquired a machine that cost $720,

Porter, Inc., acquired a machine that cost $720,000 on October 1, 2010. The machine is expected to have a four-year useful life and an estimated salvage value of $80,000 at the end of its life. Porter...

Q: Grove Co. acquired a production machine on January 1, 2010

Grove Co. acquired a production machine on January 1, 2010, at a cost of $240,000. The machine is expected to have a four year useful life, with a salvage value of $40,000. The machine is capable of p...

Q: Moyle Co. acquired a machine on January 1, 2010,

Moyle Co. acquired a machine on January 1, 2010, at a cost of $320,000. The machine is expected to have a five-year useful life, with a salvage value of $20,000. The machine is capable of producing 30...

Q: The balance sheets of Tully Corp. showed the following at December

The balance sheets of Tully Corp. showed the following at December 31, 2011, and 2010: Required: a. If there have not been any purchases, sales, or other transactions affecting this machine account...

Q: The balance sheets of HiROE, Inc., showed the following at

The balance sheets of HiROE, Inc., showed the following at December 31, 2011, and 2010: Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment accou...

Q: On January 1, 2010, Carey, Inc., entered into

On January 1, 2010, Carey, Inc., entered into a No cancellable lease agreement, agreeing to pay $3,500 at the end of each year for four years to acquire a new computer system having a market value of...

Q: Ambrose Co. has the option of purchasing a new delivery truck

Ambrose Co. has the option of purchasing a new delivery truck for $28,200 in cash or leasing the truck for $6,100 per year, payable at the end of each year for six years. The truck also has a useful l...

Q: A review of the accounting records at Corless Co. revealed the

A review of the accounting records at Corless Co. revealed the following information concerning the company’s liabilities that were outstanding at December 31, 2011, and 2010, respec...