Questions from General Accounting

Q: Assume that Home and Office City, Inc., provided the following

Assume that Home and Office City, Inc., provided the following comparative data concerning long-term debt in the notes to its 2011 annual report (amounts in millions): Required: a. As indicated, Hom...

Q: Enter the following column headings across the top of a sheet of

Enter the following column headings across the top of a sheet of paper: Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the...

Q: Pope’s Garage had the following accounts and amounts in its financial statements

Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2010. Assume that all balance sheet items reflect account balances at December 31, 2010, and that all i...

Q: On April 15, 2010, Powell, Inc., obtained a

On April 15, 2010, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $300,000. The interest rate charged by the bank was 9%...

Q: On August 1, 2010, Colombo Co.’s treasurer signed

On August 1, 2010, Colombo Co.’s treasurer signed a note promising to pay $240,000 on December 31, 2010. The proceeds of the note were $232,000. Required: a. Calculate the discount rate used by the l...

Q: At March 31, 2010, the end of the first year

At March 31, 2010, the end of the first year of operations at Jaryd, Inc., the firm’s accountant neglected to accrue payroll taxes of $4,800 that were applicable to payrolls for the year then ended....

Q: Karysa Co. operates in a city in which real estate tax

Karysa Co. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus tax bills for 2010 are issued in May 2011 and are payable in July 2011. Requir...

Q: Prist Co. had not provided a warranty on its products,

Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2010. Based on an analysis of customer complaints made over t...

Q: Cool froth Brewing Company distributes its products in an aluminum keg.

Cool froth Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $50 per keg; deposits are recorded in the Keg Deposits account. Required: a. Where on the ba...

Q: Kirkland Theater sells season tickets for six events at a price of

Kirkland Theater sells season tickets for six events at a price of $252. For the 2010 season, 1,200 season tickets were sold. Required: a. Use the horizontal model (or write the journal entry) to sho...