Questions from General Accounting

Q: On June 1, Hightower Service Co. was started with an

On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, and the revenues a...

Q: Presented below is selected financial information for Wenger Corporation for December 31

Presented below is selected financial information for Wenger Corporation for December 31, 2014. Instructions: (a) Determine which items should be included in a statement of cash flows and then prepar...

Q: Merando Corporation was formed on January 1, 2014. At December

Merando Corporation was formed on January 1, 2014. At December 31, 2014, Bill Jensen, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. Bill willingly...

Q: Comparative financial statement data for Bosch Corporation and Fielder Corporation, two

Comparative financial statement data for Bosch Corporation and Fielder Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2014. Instructions: (a) Comment on the...

Q: Here and on page 84 are financial statements of Ogleby Company.

Here and on page 84 are financial statements of Ogleby Company. OGLEBY COMPANY Income Statement For the Year Ended December 31, 2014 Net sales………………………………………………………………. $2,218,500 Cost of goods sold ……...

Q: Condensed balance sheet and income statement data for Sadecki Corporation are presented

Condensed balance sheet and income statement data for Sadecki Corporation are presented here and on the next page. Instructions: Compute these values and ratios for 2013 and 2014. (a) Earnings per s...

Q: The income statement for the Four Oaks Golf Club Inc. for

The income statement for the Four Oaks Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000; Salaries and Wages Expense $8,400; Maintenance and Repairs Expense $2,500; and Income T...

Q: A friend of yours, Sue Yaeger, recently completed an undergraduate

A friend of yours, Sue Yaeger, recently completed an undergraduate degree in science and has just started working with a biotechnology company. Sue tells you that the owners of the business are trying...

Q: The bookkeeper for Ginger’s dance studio made the following errors in journalizing

The bookkeeper for Ginger’s dance studio made the following errors in journalizing and posting. 1. A credit to Supplies of $600 was omitted. 2. A debit posting of $300 to Accounts Pa...

Q: On April 1, DeDonder Travel Agency Inc. was established.

On April 1, DeDonder Travel Agency Inc. was established. These transactions were completed during the month. 1. Stockholders invested $30,000 cash in the company in exchange for common stock. 2. Paid...