Questions from General Accounting

Q: Classify each item as an asset, liability, common stock,

Classify each item as an asset, liability, common stock, revenue, or expense. (a) Issuance of ownership shares. (b) Land purchased. (c) Amounts owed to suppliers. (d) Bonds payable. (e) Amount earned...

Q: Marsh Corporation began operations on January 1, 2014. The following

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Prepare an income statement, a retained earnings statement, a...

Q: The following financial statement items were taken from the financial statements of

The following financial statement items were taken from the financial statements of Zheng Corp. ____ Trademarks ____ Inventory ____ Notes payable (current) ____ Accumulated d...

Q: The following information is available for Benser Corporation. /

The following information is available for Benser Corporation. a. Compute earnings per share for 2014 and 2013 for Benser, and comment on the change. Benser’s primary competitor, Ma...

Q: Jim Haught, D.D.S., opened an incorporated

Jim Haught, D.D.S., opened an incorporated dental practice on January 1, 2014. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had den...

Q: The income statement of Garska Co. for the month of July

The income statement of Garska Co. for the month of July shows net income of $2,000 based on Service Revenue $5,500; Salaries and Wages Expense $2,100; Supplies Expense $900; and Utilities Expense $50...

Q: The Clear View Golf & Country Club details the following accounts in

The Clear View Golf & Country Club details the following accounts in its financial statements. Instructions: (a) Classify each of the above accounts as an asset (A), liability (L), stockholders&...

Q: This information relates to Molina Co. for the year 2014.

This information relates to Molina Co. for the year 2014. Retained earnings, January 1, 2014 …………………………………$67,000 Advertising expense …………………………………………………………..1,800 Dividends …………………………………………………………………...

Q: Suppose the following information was taken from the 2014 financial statements of

Suppose the following information was taken from the 2014 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earnings, January 1, 2014 …………………………...

Q: Rachelle Mohling, a fellow student, is unclear about the basic

Rachelle Mohling, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.